Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890 edition. Excerpt: ... corporation for the benefit of its creditors, suit to collect unpaid subscriptions is instituted, and no evidence of an assessment is adduced, recovery can be had only in case the who'e of the unpaid subscriptions is needed for the payment of the corporate debts.3 A suit by corporate creditors, to obtain satisfaction of their claims by enforcing the payment of the unpaid balance due on stock, is a. proceeding to enforce the equitable obligations cf the shareholders; and, since it is competent to call in only so much of the unpaid capital as is necessary to discharge the debts, and that only after the exhaustion of all other assets, there should be an account taken of the amount of debts, assets and unpaid capital, and a decree made for an assessment on each shareholder of the amount due from him.'1 A shareholder who has been compelled to pay more than his just proportion of the corporate debts, is entitled to contribution from the other shareholders.5 Accordingly the defendant stockholders may file a cross-bill to bring in all other delinquent stockholders, within the jurisdiction of the court.6 For upon plain principles of equity, if all the parties who are liable have not been brought before the court, those who are defendants of record cannot be charged with the liability which should devolve upon those who are absent, unlets it be shown that they are insolvent, or beyond the jurisdiction of the court.7 And it is competent to adduce evidence as to whether or not there is any property in the hands of the assignee, ' for the benefit of creditors, which can be applied in satisfaction of the claim; and, in Wisconsin, when such property cannot be found, the court may, in accordance on the members of a corporation for debts due laborers for..
