§ 6029. Liability of stockholders for wages due to laborers, servants\nor employees.
1.The ten largest stockholders, as determined by the fair\nvalue of their beneficial interest as of the beginning of the period on\nwhich the unpaid services referred to in this section are performed, of\nevery investment company, the shares of which are not listed on a\nnational securities exchange or regularly quoted in an over-the-counter\nmarket by one or more members of a national or an affiliated securities\nassociation, shall jointly and severally be personally liable for all\ndebts, wages or salaries due and owing to any of its laborers, servants\nor employees other than contractors, for services performed by them for\nsuch investment company. Before such laborer, servant or employee shall\nchar
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§ 6029. Liability of stockholders for wages due to laborers, servants\nor employees. 1. The ten largest stockholders, as determined by the fair\nvalue of their beneficial interest as of the beginning of the period on\nwhich the unpaid services referred to in this section are performed, of\nevery investment company, the shares of which are not listed on a\nnational securities exchange or regularly quoted in an over-the-counter\nmarket by one or more members of a national or an affiliated securities\nassociation, shall jointly and severally be personally liable for all\ndebts, wages or salaries due and owing to any of its laborers, servants\nor employees other than contractors, for services performed by them for\nsuch investment company. Before such laborer, servant or employee shall\ncharge such stockholder for such services, he shall give notice in\nwriting to such stockholder that he intends to hold him liable under\nthis section. Such notice shall be given within ninety days after\ntermination of such services, except that if, within such period, the\nlaborer, servant or employee demands an examination of the record of\nstockholders under subdivision two of section six thousand twenty-three,\nsuch notice may be given within sixty days after he has been given the\nopportunity to examine the record of stockholders. An action to enforce\nsuch liability shall be commenced within ninety days after the return of\nan execution unsatisfied against the investment company upon a judgment\nrecovered against it for such services.\n 2. For the purposes of this section, wages or salaries shall mean all\ncompensation and benefits payable by an employer to or for the account\nof the employee for personal services rendered by such employee. These\nshall specifically include but not be limited to salaries, overtime,\nvacation, holiday and severance pay; employer contributions to or\npayments of insurance or welfare benefits; employer contributions to\npension or annuity funds; and any other moneys properly due or payable\nfor services rendered by such employee.\n 3. A stockholder who has paid more than his pro rata share under this\nsection shall be entitled to contribution pro rata from the other\nstockholders liable under this section with respect to the excess so\npaid, over and above his pro rata share, and may sue them jointly or\nseverally or any number of them to recover the amount due from them.\nSuch recovery may be had in a separate action. As used in this\nsubdivision, "pro rata" means in proportion to beneficial share\ninterest. Before a stockholder may claim contribution from other\nstockholders under this subdivision, he shall, unless they have been\ngiven notice by a laborer, servant or employee under subdivision one,\ngive them notice in writing that he intends to hold them so liable to\nhim. Such notice shall be given by him within twenty days after the date\nthat notice was given to him by a laborer, servant or employee under\nsubdivision one.\n