162 Mass. 388, 38 N. E. 1126, 27 L R. A. 136.—Puablic stocks. The funded or bonded debt of a government or state.—Speoial stock of a corporation, in Massachusetts, is authorized by statute. It is limited in amount to two-fifths of the actual capital. It is subject to redemption by the corporation at par after a fixed time. The corporation is bound to gs fixed annual dividend on it as a debt. he holders of it are in no event liable for the debts of the corporation beyond their stock; and an issue of special stock makes all the general stockholders liable for all debts and contracts of the corporation until] the special s is fully redeemed. American Tube Works v. Boston Mach. Co., 139