Reports of Cases Argued and Determined in the Supreme Court of the State of Kansas Volume 60
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: ... thereby increased. (Bennett 11. Glenn, 8 U. S. App. 419, 5 C. C. A. 353.) The contention that the proceeding adopted by the plaintiff in error in the court below was not available, for the reason that the corporation had ceased to do business for more than a year before the same was begun, 'is not well founded. (Sleeper v. Norris, 59 Kan. 555, 53 Pac. 757; Thompson v. Pfeijfer, ante, p. 409, 56 Pac. 763.) Connected with this contention is the claim that the note of the Lone Star Plaster Company to the bank was dated October 1, 1894, after the plaster company had ceased to do business for more than a year, and hence that no debt could be created which the stockholders ought to pay after the corporation had ceased to exist as to them. It appears that this note was a renewal of a former one. In Sleeper 12. NOTN8, supra, Mr. Justice Johnston, speaking for the court, said: ll The provision of section 45, however, was not intended to extinguish the franchises or destroy the life of the corporation for all purposes. The cessation of business does not operate as a legal or complete dissolution of the corporation, but it is deemed to be dissolved but for a single purpose, that of enabling creditors to enforce the individual liability of stockholders. For all other purposes the bank continued to be a corporation in the eye of the law, and creditors had a right to sue the bank in its corporate capacity." Its suspension of business for more than a year did not render the directors or officers of the corporat-ion powerless to act in matters concerning the payment of its debts and making evidence of the same by the execution of notes. The claim that an extension of the time of payment of the note by the bank when it took the renewal...
- Paperback | 304 pages
- 189 x 246 x 16mm | 544g
- 13 Sep 2013
- Illustrations, black and white