Charles E. Brown & Co. v. Ware
Supreme Court of Vermont
Case against a director of a corporation, under P. S. 4307. Heard on special demurrer to the declaration, at the April Term, 1913, Windham County, Taylor, J., presiding. Demurrer overruled and declaration'adjudged sufficient, to which the defendant excepted.
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Case against a director of a corporation, under P. S. 4307. Heard on special demurrer to the declaration, at the April Term, 1913, Windham County, Taylor, J., presiding. Demurrer overruled and declaration'adjudged sufficient, to which the defendant excepted. The allegations of the declaration show, that on, to wit, the 31st day of October, 1910, and for a long time preceding, the defendants were directors of a corporation in this State, organized and existing by voluntary association under the general laws of the State, known as the “Grange Store,” having an authorized capital of nine…
1Opinion of the CourtWatson, J.
The statute (P. S. 4307), respecting corporations by voluntary associations, provides: “No debts shall be contracted by the corporation exceeding in amount two-thirds of the capital stock actually paid in, and a director assenting to the creation of an indebtedness exceeding such amount shall be personally liable for the excess.”
*123After the time when the defendants are alleged to have assented to the creation of debts beyond the limitation so specified, and before the commencement of this suit, section 4307 was repealed, without a saving clause, by see. 11, No. 143, Laws of 1910. It is urged…
2Cases cited10 opinions
- Hornor v. HenningSupreme Court of the United States · 1876
- Stone v. ChisolmSupreme Court of the United States · 1885
- Barton National Bank v. AtkinsSupreme Court of Vermont · 1899
- Harris v. Town of TownshendSupreme Court of Vermont · 1883
- Cady v. SanfordSupreme Court of Vermont · 1881
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3Cited by5 opinions
- International Paper Co. v. Bellows Falls Canal Co.Supreme Court of Vermont · 1914
- International Paper Co. v. Bellows Falls Canal Co.Supreme Court of Vermont · 1917
- Platner v. HughesSupreme Court of Iowa · 1925
- Albert Pick & Co. v. WarshauerAppellate Court of Illinois · 1927
- De Witt Grocery Co. v. WareSupreme Court of Vermont · 1915