TITLE XXVII
CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS

CHAPTER 296
DIVIDEND-PAYING CORPORATIONS

Individual Liability of Stockholders and Officers

Section 296:31

    296:31 Payment for Stock. – No note or obligation given by a stockholder, whether secured by pledge or otherwise, shall be considered as payment for any part of the capital stock.

Source. 1846, 321:2. CS 147:1. GS 135:9. GL 149:9. PS 150:9. PL 228:4. RL 277:4.