The Law of Foreign Corporations; And Taxation of Corporations Both Foreign and Domestic

The Law of Foreign Corporations; And Taxation of Corporations Both Foreign and Domestic

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ...accrued." 124 "If, in an action against a corporation, it appears to the court that one of the purposes of the action is to obtain a judgment against the corporation in order to enforce an alleged liability of a person who has been or is a stockholder or officer thereof, such stockholder or officer may be permitted, on petition, to defend such action, and the court may require of him, or of a person in his behalf, a bond with sufficient surety or sureties conditioned to pay to the plaintiff all costs which Ibid. 36. "3 Ibid. 37. Ibid. 38. may accrue and be taxed to him after the filing of said petition." 125 The liability of officers and stockholders in other corporations for profit, is as follows: "The officers of a corporation which is subject to the provisions of this chapter shall be jointly and severally liable for its debts and contracts in the following cases, and not otherwise: The president and directors shall be so liable, First, For making or consenting to a dividend if the corporation is or thereby is rendered insolvent, to the extent of such dividend. Second, For debts contracted between the time of making or assenting to a loan to a stockholder and the time of its repayment, to the extent of such loan. Third, If the debts of a corporation exceed its capital, to the extent of such excess existing at the time of the commencement of the suit against the corporation in which the judgment was recovered upon which the suit in equity to enforce such liability is brought as hereinafter provided. The president, directors, and treasurer shall be so liable. Fourth, For signing any statement filed under the provisions of section forty-four regulating the issue of stock to subscribers after the...show more

Product details

  • Paperback | 380 pages
  • 189 x 246 x 20mm | 676g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236486943
  • 9781236486943