Good v. Starker

Appellant contends (1) that the incorpora-tors of a corporation do not have power to create a super-added liability of .stockholders in the absence of a statute of the state in which the corporation is organized authorizing such creation, and that as there is no such statute in South Dakota, the provision of said paragraph VI of the articles does not create such liability; (2) that the conclusion or adjudication of the court in the sequestration proceedings that the superadded liability art. VI purports to impose is a contractual obligation and that each stockholder is liable thereon, is…