Stockholder

A holder (owner) of stock. A stockholder in a New York corporation fs personally liable to an amount equal to the amount of stock held by him for every debt of the corporation until the whole amount of its stock i ued and outstanding at the time such debt was incurred shall have been fully paid. After the stock is fully paid a stockholder is not personally liable except to workingmen and others employed by the corporation. In both cla es of liabilities judgment must first be taken against the corpora i tion and an execution thereon returned unsatisfied in whole or in part. It is provided in the New York law that “no stockholder shall be personally liable for any debt of the corporation not payable within two years from the time it is contracted, nor: unle an action for its collection shall be brought against the corporation within two years after the debt becomes due;, and no action shall be brought against a stockholder after he: shall have ceased to be a stockholder for any debt of the corporation unle brought within two years from the time he: shall have ceased to be a stockholder.” If a corporation fails no personal liability attaches to stockholders beyond that here specified. Furthermore, this liability attaches only in case the amount of the debt cannot be recovered from the corporation itself. Stock-jobbing. In New York this term means the raising or lowering of prices of stocks by dishonest or irregular methods. On the London Stock Exchange the term has no connotation of dishonesty; it means merely dealing in stocks, whether by outsiders who are gambling for differences or by jobbers in the course of their busine . See Jobber.