State Savings Ass'n v. Nixon-Jones Printing Co.
Missouri Court of Appeals
Appeal from the St. . Louis Circuit Court, Daniel Dillon, Judge. The laws of this state (except in special instances which tend to show the general rule) — Revised Statutes, section 709 — give no power to the directors to enact by-laws, and, without special authority, the power resides in the corporation— that is, in the members, not in the board of directors. Carroll v. Bank, 8 Mo.
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Appeal from the St. . Louis Circuit Court, Daniel Dillon, Judge. The laws of this state (except in special instances which tend to show the general rule) — Revised Statutes, section 709 — give no power to the directors to enact by-laws, and, without special authority, the power resides in the corporation— that is, in the members, not in the board of directors. Carroll v. Bank, 8 Mo. App. 253 ; Taylor on Corp., par. 582; Morton Gravel .Road Co. v. Wysoney, 51 Ind. 4. Shares of stock are personal property; the right of alienation is an inseparable incident, as between the parties to a transfer,…
1Opinion of the CourtLewis, P. J.
On April 20, 1882, F. H. Thomas & Company, a publishing firm, composed of P. H. Thomas and P. O. Wellman, borrowed from the jilaintiff, twenty-five hundred dollars, giving their note, at six months, and delivering in pledge, to secure its payment, a certificate of twenty-five shares of stock in the defendant corporation, at the par value of twenty-five hundred dollars. The note was renewed at maturity, and the renewal was repeated from time to time, until December, 1884, when the debtor firm became insolvent. In March, 1885, the plaintiff demanded of the defendant, a transfer of the stock on…
2Cases cited3 opinions
- Mechanics' Bank v. SchaumburgSupreme Court of Missouri · 1866
- Carroll v. Mullanphy Savings BankMissouri Court of Appeals · 1880
- O'Brien v. CummingsMissouri Court of Appeals · 1883
3Cited by8 opinions
- Brinkerhoff-Farris Trust & Savings Co. v. Home Lumber Co.Supreme Court of Missouri · 1893
- Purdy v. Bankers' Life Ass'nMissouri Court of Appeals · 1903
- Albers v. Merchants' Exchange of St. LouisMissouri Court of Appeals · 1890
- Klix v. Polish Roman Catholic St. Stanislaus ParishMissouri Court of Appeals · 1909
- Watson v. Sidney F. Woody Printing Co.Missouri Court of Appeals · 1894
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