Annual Staement, full statement of the affairs of the company for the pre Rate of interest What officers to le chosen. Directors may require payment of stock as they may deem proper. How payment enforced. Notice of sale; stock forfeited. ceding year; and at any meeting of the stockholders a majority of those present in person or by proxy, may require similar statements from the directors, whose duty it shall be to make such statement when thus required; and a majority in value of such stockholders may, at any meeting, fix the maximum rate of interest which shall be paid by the company for loans for any or whatever purpose. SEC. 8. There shall be a President of the Company, who shall be chosen by and from the Directors, and also such subordinate officers as the Company, by its by-laws shall direct, who may be elected or appointed, and required to give such security for the faithful performance of the duties of their office as the Company by its by-laws may require. If SEC. 9. The Directors may require the subscribers to the capital stock of the Company to pay the amount by them respectively subscribed, in such manner and in such iustallments as they may deem proper. any stockholder shall neglect to pay any installment as required by a resolution of the Board of Directors, the said board shall be authorized to sue for the same, or declare his stock and all previous payments thereon forfeited for the use of the Company; but they shall not declare it so forfeited until they shall have caused a notice, in writing, to be served on him personally, or by depositing the same in the postoffice, properly directed o him at the postoffice nearest his usual place of residence, stating that he is required to make such payment at the time and place specified in said notice, and that if he fails to make the same, his stock and all previous payments thereon will be forfeited for the use of the Company; which notice shall be served as aforesaid, at least sixty days previous to the day on which such payment is required to be made. [SEC. 10. The directors shall have power to make by-laws for the manage- Original section. ment and disposition of the stock, property and business affairs of such company, not inconsistent with the laws of this State, and prescribing the duties of officers, artificers and servants that may be employed, and for the appointment of all officers for carrying on the business within the objects and purposes of such company.] 11, 1859, S. L. 1859, [SEC. 10. The directors shall have power to make by-laws for the manage- Amendment, Feb. ment and disposition of the stock, property and business affairs of such com- p. 251. pany, not inconsistent with the laws of this State, and prescribing the duties of officers, artificers and servants that may be employed, and for the appointment of all officers for carrying on the business within the objects and purposes of such company; and also for allowing such of the directors as may reside out of this State, to be represented and to vote at all the meetings of the directors by proxy; such proxy to be in writing and signed by such directors, and the same to be filed with the secretary of such company: Provided, That no proxy shall be valid unless held by a director of the company.] make By-Laws. Restores original SEC. 10. The directors shall have power to make by- Directors may laws for the management and disposition of the stock, property and business affairs of such company, not in- section, 1867. consistent with the laws of this State, and prescribing the duties of officers, artificers and servants that may be employed, and for the appointment of all officers for carrying on business within the objects and purposes of such company. [SEC. 11. The stock of such Company shall be deemed personal estate, and o:iginal section. shall be transferable in the manner and under such restrictions and conditions, as may be provided by the by-laws, but no shares shall be transferable until all previous calls thereon shall have been fully paid in, or said shares shall have been forfeited.] Amendment, Mar. 2, 1863, S. L. 1863, SEC. 11. The stock of such company shall be deemed. personal estate, and shall be transferable in the manner, 317 and under such restrictions and conditions as may be provided for by the by-laws; but no shares shall be transferable without the assent of the company, until all Transfer of stock. previous calls thereon shall have been fully paid in, or said shares shall have been forfeited. [SEC. 12. All the stockholders of any such Company shall be severally Original section. individually liable to the creditors of said Company, to an amount equal to the Amendment, Mar. 15, 1861, S. L. 1861, P, 278. holders for labor. amount of stock held by them respectively, for all debts and contracts made SEC. 12. All the stockholders of any such Company shall be individually liable for all labor performed, and also for all ties, wood and supplies furnished for such Liability of stock Company, but they shall not be liable to an action therefor before an execution shall be returned unsatisfied, in whole or in part, against the corporation; and the amount due on such execution shall be the amount recoverable, with costs, against any such stockholder; and every stockholder against whom any such recovery for Contribution may labor shall have been had, shall have the right to recover the same of the other stockholders in said corporation, in ratable proportion to the amount of stock they shall respectively hold. be enforced. how made and attested. SEC. 13. The President and a majority of the Directors, within thirty days after the payment of the last installment upon any shares of the capital stock, shall make Certificate of stock, a certificate stating the amount of stock so paid in full, and by whom it is held and paid, and the number of such share or shares so paid in; which certificate shall be signed by the President and a majority of the Directors, and sworn to by the President and Secretary; and they shall, within the said thirty days, file and record the same in the office of the Secretary of State. Penalty for declar ing dividend when company insolvent etc. SEC. 14. If the Directors of any corporation, organized under this act, shall declare and pay any dividend when |