Nunez Gin & Warehouse Co. v. Moore

Where a gin and warehouse company holds out a person as its general manager, the title implies power to make any contracts ordinarily necessary for the conduct of its business. Authority to execute a promissory note for the purchase of an engine and boiler, and to bind the corporation for its payment, would be presumed to be within the scope of the general manager’s authority. But neither the general manager nor any other officer of a corporation has power or authority to purchase its capital stock and bind the corporation for the payment therefor, by promissory note or otherwise. Parol…