Porter v. Northern Fire & Marine Insurance
North Dakota Supreme Court
Appeal from the District Court of Pembina County, Honorable W* J. Eneeshaw, Judge. Tbe object of our statutes is to provide a simple method by which the capital of a corporation might be kept intact, and not become impaired. Comp. Laws 1913, §§ 4864 and 4866. Like statutes exist in many of the states, and have been construed in keeping with appellant’s contentions made in this case. Eev. Stat. § 5205; Comp. Stat. 1916, § 9767; Corbin Bkg.
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Appeal from the District Court of Pembina County, Honorable W* J. Eneeshaw, Judge. Tbe object of our statutes is to provide a simple method by which the capital of a corporation might be kept intact, and not become impaired. Comp. Laws 1913, §§ 4864 and 4866. Like statutes exist in many of the states, and have been construed in keeping with appellant’s contentions made in this case. Eev. Stat. § 5205; Comp. Stat. 1916, § 9767; Corbin Bkg. Co. v. Mitchell, 141 Ky. 172, 31 L.B.A.(N.S.) 446, 132 S. W. 426; Dewey v. St. Albans Trust Co. 57 Vt. 332; 3 E. C. L 387; Northwestern Trust Co. v.…
1Opinion of the CourtBirdzell, J.
This is an appeal from an order of the district court ■■of Pembina county, enjoining appellants from taking further proceedings to collect an assessment levied upon the stock of the respondents and other stockholders by the directors of the Northern Pire & Marine Insurance Company, a domestic corporation. The facts are as follows: The defendant insurance company was organized about five years ago; .and, in order to obtain capital with which to do business, it sold stock to a large number of individuals, including the plaintiffs (sixty-four in number), who purchased 1,355 shares of stock at…
2Cases cited14 opinions
- Delano v. ButlerSupreme Court of the United States · 1886
- Garey v. St. Joe Mining Co.Utah Supreme Court · 1907
- Northwestern Trust Co. v. BradburySupreme Court of Minnesota · 1912
- Santa Cruz Railroad v. SprecklesCalifornia Supreme Court · 1884
- Lum v. American Wheel & Vehicle Co.California Supreme Court · 1913
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3Cited by6 opinions
- Whicher v. Delaware Mines Corp.Idaho Supreme Court · 1932
- State Bank v. O'LaughlinNorth Dakota Supreme Court · 1917
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- Farmers & Merchants State Bank of Tolna v. StavnNorth Dakota Supreme Court · 1923
- Croonquist v. WalkerNorth Dakota Supreme Court · 1923
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