Jones v. Rankin
New Mexico Supreme Court
Appeal from the District Court, Quay County. Thomas D. Leib, Presiding Judge. Statutes imposing stockholders’ liability are not penal statutes, but contractual in nature. 98 Pa. St. 505; 40 Ohio St. 507; 2 Wall 10. Statutes creating individual liability should be construed remedially, so as to suppress the mischief and advance the remedy. 8 Ga. 468; 2 Edw. (N. Y.) 304; 1 R. I. 376; 5 Fed. Cas. No. 2485; 3 Am.
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Appeal from the District Court, Quay County. Thomas D. Leib, Presiding Judge. Statutes imposing stockholders’ liability are not penal statutes, but contractual in nature. 98 Pa. St. 505; 40 Ohio St. 507; 2 Wall 10. Statutes creating individual liability should be construed remedially, so as to suppress the mischief and advance the remedy. 8 Ga. 468; 2 Edw. (N. Y.) 304; 1 R. I. 376; 5 Fed. Cas. No. 2485; 3 Am. St. Rep. 836. Properly there are no canons of statutory construction such as (1) strict construction, (2) liberal construction. 8 Ga. 468; 47 Me. 530; 10 Cye., p. 666. The construction…
1Opinion of the Court
OPINION.
ROBERTS, C. J.
The only question presented by this appeal is the proper construction of Section 14, Chapter 68, S. L. 1887, (Sec. 273, C. L. 1897) which reads as follows:
“Tire stockholders of any such corporation or association shall only be individually liable to the extent of the par value of the shares of stock subscribed for by them, except as otherwise herein provided.”
This section is a part of the Savings Bank Act. and applies only to the liability of stockholders in such corporations. The exception referred to in the section, fixes the liability of officers, agents, etc. of such…
2Cases cited6 opinions
- Carver v. Braintree Manuf'g Co.U.S. Circuit Court for the District of Massachusetts · 1843
- Brunswick T. Co. v. NAT. BK. OF BALTIMORESupreme Court of the United States · 1904
- Reid v. DeJarnetteSupreme Court of Georgia · 1905
- Bates v. Great Western Telegraph Co.Illinois Supreme Court · 1890
- Libby v. TobeySupreme Judicial Court of Maine · 1890
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3Cited by1 opinion
- Maddison v. BryanNew Mexico Supreme Court · 1926