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Description and Holding Information
General Court. Act amending an act defining powers and duties of manufacturing corporations, 1826
An addition to an act defining the powers and duties of manufacturing corporations, 1826. Every member of a corporation was responsible for its
debts, but if a public statement was filed with the local clerk showing the amount of capital stock held by each person, those persons were only liable for
that proportion of the debt. A company could not owe more than twice the value of the stock listed. Directors of a company were personally liable
for any debt over that amount. If, however, a Director was absent from the meeting where that debt was contracted, or voted no on the debt, that
Director could make a public statement to that effect and was not then liable for the excess. Corporations could pay dividends, but their stock could not
be divided during the term of incorporation. Corporations could formally adopt this Act and follow its provisions. (Digitized from a microfilm copy
of title originally held by the Massachusetts State Library).
Title:   An act in addition to an act entitled, "An act defining the general powers and duties of manufacturing corporations."
OCLC Number:   1362528411
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo