Bradbury's Pleading and Practice Reports

9781235684982: Bradbury's Pleading and Practice Reports
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ...for any damage sustained by the stockholders, by reason of the negligence, mismanagement or unfaithfulness in the discharge of their duties, but a director may exonerate himself by entering his protest upon the record against any act done without his concurrence, from which injury is feared, and forthwith publishing the same for three weeks in some newspaper printed in, and of general circulation in the county in which is the general office of the Company." It is enacted and provided by the laws of the State of Michigan, that the capital stock of corporations may be paid for either in cash, or in real or personal property, and if paid for in property an itemized description thereof Complaint must be annexed to the Articles of Association, together with the value of each item taken. That the defendant Wabash Company has not complied with such statute by inserting in its Articles of Association, or otherwise stating the value of any property taken, or to be taken, for the issue of the common stock provided for in the plan and scheme hereinbefore stated. Section 6344 of the Compiled Laws of the State of Michigan for 1899, provides and enacts as follows: "It shall not be lawful for any railroad company existing by virtue of any of the laws of this State, nor for any officer of any such Company to sell, dispose of or pledge any shares of the capital stock of such Company, nor to issue certificates of shares in the capital stock of such Company until the shares so sold, disposed of or pledged, and the shares for which such certificates are to be issued, shall have been fully paid; nor issue any stocks or bonds, except for money, labor or property actually received and applied to the purpose for which such corporation was created; and all...

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