Chap. 167.—An ACT to amend and re-enact 63d Section of Chapter 57,.
Code of 1878, with Reference to Chartered Companies.

Approved April 9, 1874.

1. Be it enacted by the general assembly, That section
sixty-three of chapter fifty-seven of the Code of eighteen
hundred and seventy-three, be amended and re-enacted so as
to read as follows:

Ҥ 63. The stock of every such company shall be deemed
personal estate, and be transferable in such manner as shall

e prescribed by the by-laws of the company ; and if any such
company shall create any lien or encumbrance on its works
or property for the purpose of giving a preference to one or
more creditors of the company, over any other creditor or
creditors, except to secure a debt contracted, or money bor-
rowed at the time of the creation of the lien or encumbrance,
the same shall enure to the benefit ratably of all the creditors
of the companies existing at the time such lien or encum-
brance was created.”

2. This act shall be in force from its passage.