Arkansas Reports; Cases Determined in the Supreme Court of Arkansas Volume 4

Arkansas Reports; Cases Determined in the Supreme Court of Arkansas Volume 4

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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. 1843 edition. Excerpt: ...and when a debtor distributes all his prhperty among his creditors fairly, for the payment of his debts, no one can reasonably complain of the act, or question his power or its propriety. V The assignment now under consideration is taken-out of the operation of the general bankrupt law, by an express provision; and this State has no insolvent laws affecting the rights and franchises of corporations. Whether the assignment amounts to a forfeiture, or not, of the charter of the Bank, is a point upon which we express no opinion, as that question is not now properly before us, upon the present application for an injunction. Besides, no objection has been taken to the deed upon the ground that it is a forfeiture of the charter. But should the stockholders or directory ever again attempt to exercise the privileges of banking, the State is fully authorized to sue out a scirefacias at any time, and test the question of forfeiture. Having shown that the Real Estate Bank of the State of Arkansas can make a bonajide assignment of any part, or all her assets, to pay her debts, it now remains to be seen what power represents the will of the corporation. Is it the stockholders, the local directory, or the Central Board? It cannot be the stockholders, for they have no right or authority to bind the corporation, either in their individual or collective capacity. They no more represent the corporation, in a legal point of view, than do the people the legislative powers of the government. Their rights a-nd franchises are tixed by the charter, and so far they can go, and no farther. It is equally clear that the several local boards do not represent or embody the will of the corporation; for, if they did, then there would have to be as many corporations more

Product details

  • Paperback | 258 pages
  • 189 x 246 x 14mm | 467g
  • United States
  • English
  • black & white illustrations
  • 1236987179
  • 9781236987174