Gary v. York Mining Co.
Utah Supreme Court
Appeal from a judgment of tbe district court of the third district, Hon. George W. Bartch, judge. The findings showed by the.articles of agreement that the stock was fully paid up, and that no assessment should be levied until the working capital provided for had been exhausted, and that the private property of corporators should not be liable for corporate debts. The sole assignment of error was the assessment was invalid because the treasury stock was not exhausted.
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Appeal from a judgment of tbe district court of the third district, Hon. George W. Bartch, judge. The findings showed by the.articles of agreement that the stock was fully paid up, and that no assessment should be levied until the working capital provided for had been exhausted, and that the private property of corporators should not be liable for corporate debts. The sole assignment of error was the assessment was invalid because the treasury stock was not exhausted. In this discussion we use the word “assessment” in its proper sense as distinguished from a “call.” The power to levy an…
1Opinion of the Court
ZaNE, O. J.:
It appears from the record in this case that the plaintiffs were the owners of 2,415 shares of paid up stock of the defendant, the York Mining Company; that its capital stock consisted of $200,000 shares of the par value of $5 each; that by the articles of incorporation 50,000 shares were set apart to be used in developing its mine; that all *467tbe rest was subscribed; that the articles also provided that no assessment should be levied on any of the stock for any purpose until the stock so set apart should be exhausted.
It also appears that the indebtedness of the company due for…
2Cited by6 opinions
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- Nelson v. Keith-O'Brien Co.Utah Supreme Court · 1907
- Jones v. Bonanza Min. & Mill. Co.Utah Supreme Court · 1907
- Forsyth v. Selma Mines Co.Utah Supreme Court · 1921
- More v. Courier-NewsNorth Dakota Supreme Court · 1915
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