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Description and Holding Information
House. Comm. on Stockholders' Liability. Report, 1840
House No. 42 On February 21, 1840, five men were appointed to consider whether individual stockholders should be liable for a corporation's debt in
the amount of dividends received. In March, the majority declined to create such legislation. The minority did submit a bill: An Act to increase
the liabilities of corporations, 1840. In case of corporate insolvency, its stockholders had to pay back the last five years of dividends to help
cover the debts, but no more. The treasurer of any corporation had to keep records of how much was paid to whom. (Digitized from a microfilm copy of
title originally held by the Massachusetts State Library).
Title:   Ordered, that a special committee be appointed to consider the expediency of making the stockholders in all corporations hereafter to be chartered, liable in their private capacity, for all debts contracted while they are members of such corporations, to the amount of any and all dividends they may have received on their stock in such companies.
OCLC Number:   1418945883
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo