The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 10

The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 10

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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. 1899 edition. Excerpt: ...and do all other acts as may a natural person. 1 Bl. Comm. (Cooley's Ed.) 475. In 2 Cook, Stock, Stockh. & Corp. Law, 691, it is said: "Corporations, unless restricted by their charters or by general statutes, may make assignments for the benefit of creditors to the same extent that individuals may. In making the assignment, the corporation may make preferences for one or more creditors over others, or of one class of creditors over other classes. A preference by the directors of themselves is generally held to be fraudulent." By section 5098, Burns' Rev. St. 1894 (section 3879, Rev. St. 1881), the legislature of this state has removed all doubt as to the right or power of a foreign corporation, organized for a like purpose as the one in this case, to acquire lands in this state and mortgage the same. This statute is an affirmative permission by the state to foreign corporations, organized for manufacturing and mining purposes, to purchase and hold real property in this state C Cas Nathan 1/. Lee for the purpose of its business, and to convey or mortgage the same, as corporations of this state, organized for similar purposes, may do. It is true that this statute is not intended to confer any power or right upon a foreign corporation which is denied to it by its charter, or the governing laws of the place of its organization and domicile. As to the rights mentioned in the statute cited, it is simply permissive, and may be said to be but a recognition of the rules of comity existing between sister states. There is no question but what the indebtedness secured by these mortgages is a legitimate and bmza flde one in all respects. and is such as the company was fully authorized, under the laws of Ohio, to...show more

Product details

  • Paperback | 274 pages
  • 189 x 246 x 15mm | 494g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236925718
  • 9781236925718