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Description and Holding Information
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Senate. Comm. on the Judiciary. Report on bill on liability of corporations, 1826
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On June 7, 1826, the text of the Governor's speech went to the Senate Committee on the Judiciary. On June 9, 1826, the Committee reported out a bill.
If a corporation failed to respond to a judgement within 14 days, then holders of capital stock in the corporation became individually liable for the
debt. Each corporation had to maintain a book, open to the public, that showed who owned how much and what type of stock. Failure to do so made
certain stockholders personally liable for debts in proportion to the amount of stock held. A corporation could not have debt of more than twice its
capital stocks' value. A stockholder who dissented from taking on such debt could have it recorded in the book and could not be liable for that debt.
Corporations could pay dividends on their stock, but could not divide the stock during the term of incorporation; if it was done, the holders of stock
were liable for twice the amount of debt. On June 9, 1826, copies of the bill were printed for members. (Digitized from a microfilm copy of title
originally held by the Massachusetts State Library).
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Title:
Ordered, that so much of the message of his excellency's speech as relates to the liability of corporations in corporate institutions, be referred to the Committee of the Senate on the Judiciary.
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OCLC Number:
1381685649
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Available Volumes
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| Name | Fiche Count | Online | Paper Backup |
| Vol. 1 | | Yes | No |
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