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East India Company Act 1697
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LXXVI.Every Society or Company, to be erected in pursuance of this Act, not to owe at any one Time more than the Value of their Capital Stock undivided.
If by any Dividends their Debts at any time exceed their Capital Stock, the respective Members liable, so far as the Shares they received upon such Dividends will extend, besides Costs.
Provided always and be it enacted That every Society Company or Corporation whatsoever which shall be erected or established in pursuance of this Act and their Successors respectively shall take care that the Sum Total of all the Debts which such Society Company or Corporation respectively shall owe at any one time to any other Person or Persons Bodies Politick or Corporate doe not exceed the Value of the Principal or Capital Stock or Stocks which at any such time shall be & remain to such Society Company or Corporation undivided and that in case any such Society Company or Corporation by any Dividend or Dividends whatsoever to be made amongst themselves or in their Private or Personal Capacities shall reduce or lessen their Joynt Stock Principal or Capital without limiting paying off or proportionably reduceing the total Sum of the said Debts which they shall owe to others as aforesaid so that the Value of their Joynt Stock Principal or Capital undivided shall not be sufficient to answer their just Debts then remaining unpaid in every such Case the particular Members and every of them respectively who in their Private or Personal Capacities shall receive any Share of such Dividend shall be severally liable and they [X1are ] hereby made liable so farr as the respective Shares so by them respectively received upon such Dividend or Dividends shall extend to pay and satisfy the Debts which shall remain due and unpaid by such Society Company or Corporation respectively to any other Persons or Bodies Politick or Corporate as aforesaid who by virtue of this Act shall and may sue for and recover the same besides Costs of Suit by Action of Debt or of the Case as is before mentioned Any thing in this Act or any other Act Law Usage or Custom to the contrary notwithstanding.
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