LV. And be it enacted, that if any shareholder fail to pay any instal-
ment of capital due, upon or in respect of any share held by him, when
the same shall become due, it shall be lawful for any such company and
they are hereby authorised to sue such shareholder for the amount in an
action of debt in any court having competent jurisdiction in respect of
the same; and that in the declaration in any such action it shall be suf-
ficient to state only that at the time of the commencement of the suit
the defendant, as the holder of certain shares (stating how many) in a
certain company or undertaking, as the case may be, (naming it,) was in-
debted to the company in a certain sum (stating the amount of the instal-
ments, or so much thereof as is sought to be recovered,) for certain
instalments of capital then due and payable in respect of the said shares,
and that the defendant hath not paid the same; and that if upon the
trial of any such action it shall be proved that the defendant was the
holder of any share when such instalments, or any of them, in respect
of the same, and for which the action is brought, became due, then such
company shall recover such instalments, or so much thereof as is due,
together with interest for the same at the rate of five pounds per centum
per annum, to be computed from the day on which such instalment shall
have become due.
