Section 486.311 - Stockholder's liability; recovery prerequisites; contribution to creditor.
WATERWORKS (EXCERPT)
Act 113 of 1869
486.311 Stockholder's liability; recovery prerequisites; contribution to creditor.
Sec. 11.
The stockholders of all corporations organized under this act shall be individually liable for any labor or services done or performed for said company, and they shall also be liable, as aforesaid, for the payment of all other debts or obligations contracted or incurred by said corporation during the time that they were stockholders, to the amount of all unpaid installments of stock held by them respectively, which liability may be enforced against any stockholder founded on this statute at any time after an execution shall be returned not satisfied against said company: Provided, always, That if any stockholder shall be compelled by any such action to pay the debts of any creditor or any part thereof, he shall have the right to call upon all the stockholders to contribute their part of the sum so paid by him as aforesaid, and may sue them jointly or severally, or any number of them, and recover in such action the ratable amount due from the person or persons so sued.
History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3365 ;-- How. 3120 ;-- Am. 1883, Act 8, Eff. Mar. 13, 1883 ;-- Am. 1887, Act 54, Eff. Sept. 28, 1887 ;-- CL 1897, 8510 ;-- CL 1915, 11292 ;-- CL 1929, 11885 ;-- CL 1948, 486.311