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" ... shall be jointly and severally liable for all the debts of the company then existing, and for all that shall be thereafter contracted, while they shall respectively continue in office... "
Richmond's Book of Legal Forms and Law Manual: For the Legal Transaction of ... - Page 432
de Wellington Harrison Richmond - 1854 - 600 pages
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Reports of Cases Argued and Determined in the Superior Court of the City of ...

New York (State). Superior Court (New York), James M. Sweeny - 1871 - 790 pages
...publish a report of their financial condition ; and, upon failure to do so, all the trustees " shall be jointly and severally liable for all the debts of the company then existing," etc. The statute has uniformly been held to create a liability, which is in the nature of a penalty,...
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Practice Reports in the Supreme Court and Court of Appeals, Volume 42

Nathan Howard (Jr.) - 1871 - 702 pages
...Upon the default of the company to report, all the Vincent a^r. Sandg. trustees then in office are jointly and severally -liable for all the debts of the company then existing, whether contracted by them or their predecessors, and for all that may be subsequently contracted during...
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Laws Passed by the ... Legislature of the State of Texas

Texas - 1866 - 522 pages
...when the corporation is insolvent, or any dividend the payment of which would render it insolvent, they shall be jointly and severally liable for all the debts of the corporation then existing, and for all that shall be thereafter contracted, as long as they shall respectively...
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Acts, Resolutions and Memorials, of the Territory of Montana, Passed by the ...

Montana - 1872 - 798 pages
...trustees of any such company shall declare and pay any dividend when the company is insolvent, or any dividend the payment of which would render it insolvent,...shall respectively continue in office : Provided, That, if any of the trustees shall object to the declaring of such dividend, or to the payment of the...
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Laws, Resolutions, and Memorials of the Territory of Montana Passed at the ...

Montana (Ter.) - 1872 - 802 pages
...trustees of any such company shall declare and pay any dividend when the company is insolvent, or any dividend the payment of which would render it insolvent,...shall respectively continue in office : Provided, That, if any of the trustees shall object to the declaring of such dividend, or to the payment of the...
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Journal of the Senate of the General Assembly, Volume 27,Partie 2

Illinois. General Assembly. Senate - 1872 - 934 pages
...any st»ck corporation shall declare and pay any dividend when such corporation is insolvent, or any dividend the payment of which would render it insolvent, or which would diminish the amount of its ctpital stock, all directors, officers or agents assenting thereto, shall be jointly and severally...
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Laws of the State of Illinois: Passed by the ... General Assembly at Their ...

Illinois - 1872 - 944 pages
...shall declare and pay any dividend when snch corporation is insolvent, or any dividend the payment ot which would render it insolvent, or which would diminish the amount of its capital stock, all directors, officers or agents assenting thereto, shall be jointly and severally liable for all...
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The General Statutes of the State of Rhode Island and Providence Plantations ...

Rhode Island - 1872 - 796 pages
...administration it shall happen shall be jointly and severally liable, to the extent of such excess, for all the debts of the company then existing, and for all that shall be contracted, as long as they shall respectively continue in office, and until the debts shall be reduced...
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Reports of Practice Cases, Determined in the Courts of the State ..., Volume 11

Austin Abbott - 1872 - 600 pages
...Vincent ». Sands. I. Upon the default of the company to report, all the trustees then in office are jointly and severally liable for all the debts of the company then existing, whether contracted by them or their predecessors, and for all that may be subsequently contracted during...
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Acts of the Legislature of the State of Michigan, Volume 1

Michigan - 1872 - 1628 pages
...shall declare or pay any dividend when the company is insolvent, or the payment of which would fender it insolvent, or •which would diminish the amount of its capital stock, they, and all stockholders who shall knowingly accept or receive such dividend, shall be jointly and severally...
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