Section 630. Liability of shareholders for wages due to laborers, servants or employees

(a) The ten largest shareholders, as determined by the fair  value  of
  their beneficial interest as of the beginning of the period during which
  the  unpaid services referred to in this section are performed, of every
  corporation (other than an investment company registered as  such  under
  an act of congress entitled "Investment Company Act of 1940"), no shares
  of  which  are  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 corporation. Before
  such laborer, servant or employee shall charge such shareholder for such
  services, he shall give notice in writing to such  shareholder  that  he
  intends  to  hold  him  liable under this section.  Such notice shall be
  given within one hundred and  eighty  days  after  termination  of  such
  services,  except  that  if, within such period, the laborer, servant or
  employee demands an examination of  the  record  of  shareholders  under
  paragraph  (b)  of  section 624 (Books and records; right of inspection,
  prima facie evidence), such notice may be given within sixty days  after
  he has been given the opportunity to examine the record of shareholders.
  An  action  to  enforce  such liability shall be commenced within ninety
  days  after  the  return  of  an  execution  unsatisfied   against   the
  corporation upon a judgment recovered against it for such services.
    (b) 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.
    (c) A shareholder who has paid more than his pro rata share under this
  section  shall  be  entitled  to  contribution  pro  rata from the other
  shareholders 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
  paragraph, "pro rata" means in proportion to beneficial share  interest.
  Before  a  shareholder  may  claim  contribution from other shareholders
  under this paragraph, he shall, unless they have been given notice by  a
  laborer,  servant  or  employee under paragraph (a), 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 paragraph (a).