(b) Mines:

N. J.: L. 1896, Ch. 185, $8 48, 49.

Va.: Code, § 1148; L. 1890, p. 56.

Wyo.: R. S., § 513.

(c) Mineral rights:

Pa.: Corp., § 43.

Va.: Code, § 1148; L. 1890, p. 56.

(d) Patents:

Conn.: G. S., § 1947.

Pa.: Corp., § 43.

(e) Leases, options, rights of way and other easements:

Va.: Code, § 1148; L. 1890, p. 56.

e. Stock may be paid for in some other matter or thing instead

of in money.

Me: R. S., Ch. 46, § 45.

f. There is no provision as to the medium or method of payment
in the following States and Territories, viz:

Ariz.; Ga.; Ill.; Ind. Ter.; Iowa; Kan.; Miss.; Neb.; N. H.;
N. Mex.; No. Car.; Ohio; Okla.; Ore.; So. Dak.

B. THE METHOD OF VALUATION WHERE THE STOCK IS NOT PAID FOR IN MONEY.

a. Where payment is authorized in a medium other than money the same shall be taken at the value thereof.

1. Generally; the basis of value not being otherwise defined:

Pa.: Corp., § 43.

Wash.: G. S., § 1588.

Wyo.: R.S., § 513.

2. At the actual value:

Conn.: Stat., § 1947.

3. At the true money value:

No. Dak.: On penalty of officers being liable for excess valuation. Civ. Code, § 2877.

So. Car.: And approved by the board of corporators. R. S., § 1511; L. 1897, No. 333, § 4.

4. At the fair cash value:

Me.: A bona fide and fair valuation. R. S., Ch. 46, § 45. Mass.: As sworn to by the president, treasurer, and majority of the directors; and in case of a foreign corporation the stockholders participating in the unfair valuation are liable for the debts of the corporation. P.S., Ch. 106, § 48; L. 1897, Ch. 423.

Tenn.: Code, § 2335.

Utah: As verified (except in mining and irrigating companies) by the sworn affidavit of three persons. R. S., § 316.

5. At the reasonable value:

Ala.: Civ. Code, §§ 1142, 1254.

6. At the appraised value:

R. I.: G. L., Ch. 180, § 8.

7. At the valuation mutually agreed upon between the subscriber and the corporators:

Fla.: And the same must appear in the charter. R. S., §
2128.

Md.: As fixed at a special meeting. G. L., Art. 23, §§ 61, 62.
W. Va.: Code, Ch. 53, § 24.

8. At the market price:

Ky.: Stat., § 568.

9. At the value bona fide determined by the directors:

Col.: Stat., §§ 618, 490.

Del.: And such valuation is conclusive. L. 1899, Ch. 273, § 138.

N. J.: L.1896, Ch.185, § 49.

66

b. Such medium need not be accepted at the value thereof: Mont.: Code, § 410. "On mines any arbitrary value may be fixed and such value shall be regarded as the value thereof so as to make stock issued therefor at such arbitrary value full paid stock."

IV.

THE AMOUNT OF THE STOCKHOLDERS' LIABILITY FOR DEBTS OF THE CORPORATION:

a. Stockholders have no individual liability:

Nev.: Constit., Art. 8, § 3.

b. There is no provision for any individual liability:

Ind. Ter., N. Mex.: No. Car. (except for fraud. Code, § 686). c. Stockholders are individually liable for any refund or reduction of the capital stock before the payment of all corporate debts.

1. With no provision for further liability:

Ark.: To the extent of the refund to them respectively.

Stat., § 1348.

Conn.: For all debts of the corporation at the time of reduction. Stat., § 1954.

2. In addition to other liability:

(a) Stockholders' liability is not impaired by any reduction of the capital stock:

N. J.: L. 1896, Ch.185, § 29.

See also: g, 4; h; i.

So. Car.: L. 1899, No. 38, § 3.

Cf. g, 1.

(b) Stockholders are jointly and severally liable to the extent of sums withdrawn and paid to stockholders: Mass.: P. S., Ch. 106, § 61. Same liability for stockholders of foreign corporations. L. 1896, Ch.

391.

See also: d, 2; g, 4; i.

Miss.: Code, § 852.

See also: g, 4.

(c) Stockholders are individually liable to the extent of

the refund to them respectively:

Me.: R. S., Ch. 46, § 44, 47.

See also: g, 4.

Mich.: Stat., § 4161 (c).

See also: d, 2.

Minn.: In case of manufacturing corporation. Stat.,

$ 2822.

See also: g,3; h; i.

Vt.: Stat., § 3726.

See also: g, 4.

Wis.: Stat., § 1755 (and those voting for reduction are
liable to the extent of the whole amount
refunded).

See also: d, 2; g, 4.

(d) Stockholders are individually liable for the debts of
the corporation at the time of reduction.

Ind.: Stat., § 3430.

See also: d, 2; f.

Pa.: In case of mechanical, mining, quarrying, or man-
ufacturing companies. Manufacturing Com-
panies, § 4.

See also d, 2.

R. I.: In case of manufacturing corporations.

G. L., Ch. 180, § 5.

See also g, 4; h.

d. Stockholders are individually liable for debts due mechanics
and laborers for work performed for the corporation:

1. With no provision for further liability:

Pa.: Iron and steel manufacturing companies for a period
of six months only. Iron Manufacturing Compa-
nies, § 9.

Other corporations except manufacturing, mechanical
and mining corporations (to the extent of amount
of stock held by each stockholder). Corp., § 68.

2. In addition to other liability:

D. C.: Comp. Stat., Ch. 15, § 58. See also: g, 4.

Ind.: Manufacturing, mining, and mechanical corpora-
tions. Stat., § 5077.

See also: c, 2 (d); f.

Mass.: For services within six months of demand. P. S.,

Ch. 106, § 61.

Similar liability of stockholders in foreign corpora-

tions. L. 1896, Ch. 391.

See also: c, 2 (b); g, 4; i.

Mich.: Stat., § 4161 (c) 8.

See also: c, 2 (c).

N. Y.: G. L., Ch. 36, § 55.

See also: g, 4; i.

No. Dak.: Manufacturing and mining corporations. Civ.
Code, § 3157.

See also: g, 4.

Pa.: Manufacturing, mechanical, mining, and quarrying
companies, for services within six months and not
over $200 in amount. Manufacturing Companies,
$11.

See also: c, 2 (d).

Tenn.: Mining, quarrying, boring, printing, publishing, or
manufacturing companies. Code, § 2337.

See also: g, 4.

Wis.: For not more than six months liability (to an amount
equal to the amount of stock owned by them). Stat.,
§ 1769.

See also: c, 2 (c); g, 4.

e. Stockholders are individually liable for their proportionate
part of the corporate debts:

Cal.: For such proportion of the corporate debts as the
amount of their stock bears to the whole of the sub-
scribed stock. Constit., Art., 12, § 3; Civ. Code, § 322.

f. Stockholders are individually liable to the extent of the
amount of stock owned by them when the debt was con-
tracted:

Ind.: Stat., § 3451. See also: c,2 (d); d, 2.

Cf. d, 1, Pa.; and d, 2, Wis.; supra. Cf. also g, 3, infra.

g. Stockholders are individually liable to the extent of the
amount unpaid of the stock held or subscribed for by
them until all the stock is paid in:

1. Stockholders are not otherwise liable.

Ala.: Constit., Art. 14, § 8; Civ. Code, § 2182.

Ari.: If the charter exempts them (otherwise for their pro-
portionate part of the debts). R. S., §§ 245, 234 ¶7.

Fla.: R. S., §§ 2152, 2156.

Ida.: Domestic and foreign corporations, except in case of
fraud. R. S., § 2609; L., 1899, p. 157ff.

La.: R. L., § 690.

Okla.: Stat., § 930.

Ore.: Constit., Art. 11, § 3.

So. Car.: Constit., Art. 9, § 18. (Cf. c, 2 (a)).

So. Dak.: Stat., § 3851.

Tex.: R. S., §§ 671, 686.

Utah: R. S., § 331.

Va.: Code, § 1148.

Wash.: Constit., Art. 12, § 4; G. S., § 1511.

W. Va.: Constit., Art. 11, § 2.

Wyo.. R. S., § 512.

2. There is no provision for any further liability:

Col. Stat., § 486, 497.

Del.: Or such proportion as will satisfy the debts of the

corporation. L. 1899, Ch. 273, § 46.

D. C.: Comp. Stat., Ch. 15, § 46.
Ga.: Code, §§ 2350,3; 1892.
Ill.: Stat., Chap. 32, § 8.

Md.: G. L., Art. 23, § 64.

Mo.: Limited to amount of their stock. Constit., Art. 12,

§ 9; R. S., § 2517.

Mont.: Civ. Code, § 470.

N. H.: P. S., Ch. 150, § 8.

3. Stockholders are individually liable to the extent of their
unpaid subscriptions upon the capital stock, and in addi-
tion for an amount equal to the par value of their stock:
Kan.: Constit., Art. 12, § 2; L. 1898, Ch. 10, § 15.

Ky.: Stat., § 547.

Minn.: Constit., Art. 10, § 3; Stat., § 2600.

See also: c, 2 (c); h; i.

Ohio: Constit., Art. 13, § 3; Stat., § 3258.

4. Stockholders are individually liable for their unpaid sub-
scriptions upon the capital stock in addition to other
liabilities:

D. C.: Comp. Stat., Ch. 15, § 46.

See also: d, 2.

Fla.: R. S., §§ 2152, 2156.

See also: h; i.

Ia.: Code, § 1632.

See also: h; i.

Me.: R. S., Ch. 46, §§ 44, 47.

See also: c, 2 (c).

Mass.: Domestic or foreign corporations P. S., Ch. 106,

§ 61; L. 1896, Ch. 391.

See also: c, 2 (b); d, 2; h; i.

Miss.: Limited to amount of stock owned by them. Code,

§ 844.

See also: c, 2 (b).

Neb.: Constit., Art. 13, § 4.

See also: h.

N. J.: L. 1896, Ch. 185, § 21.
See also: c, 2 (a); h; i.

N. Y.: G. L., Ch. 36, § 54.
See also: d, 2; i.

No. Dak.: Civ. Code, § 2902.

See also: d, 2.

R. I.: Manufacturing corporations. G. L., Ch. 180, § 1.

See also: c, 2 (d); h.

Tenn.: Code, § 2058.

See also: d, 2.

Vt.: Stat., § 3725.

See also: c, 2 (c).

Wis.: Stat., § 1756.

See also: c, 2 (c); d. 2.