No corporation, association, or individual shall issue or put in circulation as money
anything but the lawful money of the United States. Each stockholder of any banking or insurance corporation or joint stock association
shall be individually and personally liable equally and ratably, and not one for another,
for all contracts, debts, and engagements of such corporation or association accruing
while they remain such stockholders, to the extent of the amount of their stock therein
at the par value thereof, in addition to the amount invested in such shares.
The legislature may provide that stockholders of banking corporations organized under
the laws of this state which shall provide and furnish, either through membership
in the Federal Deposit Insurance Corporation, or through membership in any other instrumentality
of the government of the United States, insurance or security for the payment of the
debts and obligations of such banking corporation equivalent to that required by the
laws of the United States to be furnished and provided by national banking associations,
shall be relieved from liability for the debts and obligations of such banking corporation
to the same extent that stockholders of national banking associations are relieved
from liability for the debts and obligations of such national banking associations
under the laws of the United States.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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