Grangers' Life & Health Insurance v. Hamper
Supreme Court of Alabama
Appeal from Mobile Chancery Courtl Heard before Hon. John A. Poster. This was a bill in equity by John P. Kamper, A. L. Jamison, and numerous others, “ for themselves and such other persons as shall make themselves parties to this suit, and bear their proportion of the expense thereof,” against the “ Grangers’ Life and Health Insurance Company of the United States of America, a corporation created by the laws of the State of Alabama,” and the officers of said corporation,…
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Appeal from Mobile Chancery Courtl Heard before Hon. John A. Poster. This was a bill in equity by John P. Kamper, A. L. Jamison, and numerous others, “ for themselves and such other persons as shall make themselves parties to this suit, and bear their proportion of the expense thereof,” against the “ Grangers’ Life and Health Insurance Company of the United States of America, a corporation created by the laws of the State of Alabama,” and the officers of said corporation, named in the bill, and against Gaylord B. Clark, “ claiming to be assignee of said company,” and Edgar L. Elliott, "W. A.…
1Opinion of the CourtBrickell, C. J.
— The proposition underlying the bill, in its principal aspect, is, that the amount of the capital stock having been fixed and stated in the declaration of incorporation, when the company was formed, all of which had been subscribed for and taken, the company had not authority of law, at the time the subscriptions were made, and the promissory notes given, to enlarge the capital stock. The enlargement was of consequence ultra vires, the stock could not be lawfully issued, and the subscriptions and notes are void for the want of consideration. Originally, the statute under which the…
2Cases cited15 opinions
- Bank of Augusta v. EarleSupreme Court of the United States · 1839
- Scovill v. ThayerSupreme Court of the United States · 1882
- Railroad Company v. HarrisSupreme Court of the United States · 1871
- Insurance Co. v. BaileySupreme Court of the United States · 1871
- N.Y. N.H.R.R. Co. v. . SchuylerNew York Court of Appeals · 1865
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3Cited by21 opinions
- Peck v. ElliottCourt of Appeals for the Sixth Circuit · 1897
- Fritze v. Equitable Building & Loan SocietyIllinois Supreme Court · 1900
- Randle v. Winona Coal Co.Supreme Court of Alabama · 1921
- Sayre v. WeilSupreme Court of Alabama · 1891
- Davis, Receiver v. AllisonTexas Supreme Court · 1919
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