§ 6029. Liability of stockholders for wages due to laborers, servants
or employees. 1. The ten largest stockholders, as determined by the fair
value of their beneficial interest as of the beginning of the period on
which the unpaid services referred to in this section are performed, of
every investment company, the shares of which are not listed on a
national securities exchange or regularly quoted in an over-the-counter
market by one or more members of a national or an affiliated securities
association, shall jointly and severally be personally liable for all
debts, wages or salaries due and owing to any of its laborers, servants
or employees other than contractors, for services performed by them for
such investment company. Before such laborer, servant or employee shall
charge such stockholder for such services, he shall give notice in
writing to such stockholder that he intends to hold him liable under
this section. Such notice shall be given within ninety days after
termination of such services, except that if, within such period, the
laborer, servant or employee demands an examination of the record of
stockholders under subdivision two of section six thousand twenty-three,
such notice may be given within sixty days after he has been given the
opportunity to examine the record of stockholders. An action to enforce
such liability shall be commenced within ninety days after the return of
an execution unsatisfied against the investment company upon a judgment
recovered against it for such services.

2. For the purposes of this section, wages or salaries shall mean all
compensation and benefits payable by an employer to or for the account
of the employee for personal services rendered by such employee. These
shall specifically include but not be limited to salaries, overtime,
vacation, holiday and severance pay; employer contributions to or
payments of insurance or welfare benefits; employer contributions to
pension or annuity funds; and any other moneys properly due or payable
for services rendered by such employee.

3. A stockholder who has paid more than his pro rata share under this
section shall be entitled to contribution pro rata from the other
stockholders liable under this section with respect to the excess so
paid, over and above his pro rata share, and may sue them jointly or
severally or any number of them to recover the amount due from them.
Such recovery may be had in a separate action. As used in this
subdivision, "pro rata" means in proportion to beneficial share
interest. Before a stockholder may claim contribution from other
stockholders under this subdivision, he shall, unless they have been
given notice by a laborer, servant or employee under subdivision one,
give them notice in writing that he intends to hold them so liable to
him. Such notice shall be given by him within twenty days after the date
that notice was given to him by a laborer, servant or employee under
subdivision one.