STATE OF MAINE.

HOUSE OF REPRESENTATIVES,

February 28, 1845.

Laid on the table, and 400 copies ordered to be printed for the

use of the legislature.

SAMUEL BELCHER, Clerk.

TWENTY-FIFTH LEGISLATURE.

No. 22.]

[SENATE.

[Reported from the Committee on the Judiciary.]

STATE OF MAINE.

IN THE YEAR OF OUR LORD ONE THOUSAND EIGHT HUNDRED AND

FORTY-FIVE.

AN ACT in relation to Steam Navigation Corporations.

Be it enacted by the Senate and House of Represent2 atives in Legislature assembled—as follows: 3 SECTION 1. In all corporations created in this State 4 for the purposes of steam navigation, unless otherwise 5 specified in their charter, in case of a deficiency of 6 attachable corporate property or estate, arising in part 7 or in whole from the loss of the boat or boats of such 8 corporations, the individual property, rights and cred9 its of every stockholder thereof shall be liable to be 10 taken on execution to one half of the amount of his 11 stock in addition to the amount as now provided for 12 in the eighteenth section in chapter seventy six of the 13 Revised Statutes, for all debts contracted, and all lia14 bilities incurred by the corporation during his owner

Wm. T. Johnson, Printer to the State.

15 ship of such stock; and such liability shall continue 16 for the period of time, and may be enforced by the 17 same proceedings, as is provided for the continuance 18 and enforcement of the liability mentioned in the said 19 eighteenth section of said chapter. Provided, this 20 additional liability shall not be enforced unless the 21 corporate property and the liability of the stockholder 22 in his individual property, rights and credits, provided 23 in said eighteenth section, shall be insufficient to pay 24 the said debts and liabilities of the corporation.

6

SEC. 2. Every such corporation shall have a treas2 urer; and he shall keep his office within this State, 3 and shall publish, semi-annually, in the months of 4 January and July, in some newspaper printed in the 5 county in which he keeps his office, and, in case no paper is printed therein, then in some newspaper 7 printed in an adjoining county or in the paper pub8 lished by the printer to the State, a correct statement, 9 under oath, of the amount of all the assessments voted 10 by the corporation and actually paid in, the net 11 amount of the then existing capital stock, the amount 12 of all the debts due from, and of the liquidated liabil13 tics against such corporation, the amount insured upon 14 the boat or boats of the corporation with the name or 15 names of the insurance company or companies, or of 16 the person or persons, and of his or their place of res17 idence, making the insurance, and also the amount of 18 the capital stock invested in such boat or boats. If 19 any such treasurer shall neglect or refuse to publish

20 such statement he shall be fined, not exceeding five 21 hundred dollars, or be imprisoned not exceeding six 22 months, on indictment and conviction thereof. And 23 if he shall neglect or refuse to publish such statement, 24 or shall knowingly publish a false statement, with the 25 fraudulent intent to injure any creditor or claimant, 26 or any who might thereafter become a creditor or 27 claimant of such corporation, he shall be deemed 28 guilty of a high misdemeanor, and upon indictment 29 and conviction thereof he shall be punished by fine 30 not exceeding one thousand dollars, imprisonment in 31 the county jail, not exceeding one year, confinement 32 in the State prison, to hard labor, not exceeding five 33 years, or any or all of said punishments, according to 3 the aggravation of the offence.

SEC. 3. It shall be the duty of such corporations to 2 keep, at all times, their boats insured against losses by 3 fire and against the risks and dangers of the sea; and 4 all policies of assurance on their boats, after the hap5 pening of the loss or injury insured against, shall be 6 deemed and shall become a part of the capital stock 7 of the corporation.

SEC. 4. The directors of every such corporation 2 may make dividends amongst the stockholders, from 3 time to time, of their net profits; but no dividend, 4 reducing the capital stock of such corporation or the 5 debts due to the same, shall be made, until all the 6 debts due therefrom shall have been paid.

SEC. 5. Any director, officer or other member of

2 such corporation, who shall vote for, or aid in making 3 any dividend, against the provisions of the foregoing 4 section, shall be fined, not exceeding five hundred 5 dollars, or imprisoned for a term not exceeding six 6 months; and all such sums received by any stock7 holder for any such dividend, shall be liable to be re8 covered of such member by any creditor or claimant 9 of such corporation in an action on the case.

SEC. 6. All such corporations are hereby expressly 2 prohibited from contracting debts, which, with the 3 amount of liquidated liabilities, shall exceed, at any 4 one time, one half of the amount of their capital stock 5 paid in and remaining undivided; and if the amount 6 of indebtedness of said corporations, at any one time, 7 or if the debts of such corporations with the liquidated 8 liabilities against the same at the time of contracting 9 such debts shall exceed the limitation aforesaid, then 10 the stockholders shall at once become individually 11 liable for all the debts of their respective corporations; 12 and such liability shall continue for the same period 13 of time, and such proceedings shall be had to enforce 14 the same against such stockholders, but without limi15 tation as to the amount, and for contribution between 16 stockholders, as is provided in said chapter seventy 17 six of the Revised Statutes.

SEC. 7. No person shall be chosen a director or 2 treasurer of any such corporation, nor continue to 3 hold any of such offices, unless he be a stockholder 4 therein.