General S. S. Corp. v. Astoria Overseas Corp.

(after stating tbe facts as above). Appellant has dwelt upon the contention that the pledge of the unpaid subscriptions made by the board of directors of the Overseas Corporation in •July, 1921, was wholly void, upon the ground that, discretionary power being vested in the directors to make calls, and no authority appearing to have been given by the charter or Oregon statutes to do- so, the corporation had no power to pledge or assign the unpaid and uncalled for subscriptions, and that the stockholders by appearance in this litigation could not ratify the act of the directors, at least to…