Freemyer v. Industrial Mutual Indemnity Co.
Supreme Court of Arkansas
Appeal from Pulaski Chancery Court; J ohn E. Martineau, Chancellor; 1. Corporations possess only such powers as are expressly or impliedly granted. To this may be added: that such acts as are not by implication prohibited, and are beneficial and necessary to carry into effect the powers conferred, may be exercised. The powers are measured by the grant. Thompson on Corp. (2 ed.), § § 2101-2106; 4 Wheat.
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Appeal from Pulaski Chancery Court; J ohn E. Martineau, Chancellor; 1. Corporations possess only such powers as are expressly or impliedly granted. To this may be added: that such acts as are not by implication prohibited, and are beneficial and necessary to carry into effect the powers conferred, may be exercised. The powers are measured by the grant. Thompson on Corp. (2 ed.), § § 2101-2106; 4 Wheat. (U. S.), 518; 118 S. W. 390; 130 S. W. 162; 125 Id. 1001; 128 Id. 348; 139 U. S. 24; 73 Pac. 79. Where the law is silent, the power does not exist. Kirby’s Digest, § § 937 to 948; 59 N. J. Eq.…
1Opinion of the CourtMcCulloch, C. J.
The Industrial Mutual Indemnity Company was, in the year 1900, organized under the statutes of this State authorizing the incorporation of associations “for benevolent purposes or for the mutual benefit of its members.” Kirby’s Digest, § 937 et seq. This statute provides that “no profits or dividends shall ever be declared or paid under this act; provided, dividends may be paid to the amount of money paid in by the stockholders on their respective shares. ” Kirby’s Digest, § 947. The purpose of the organization was to issue policies of life, health and accident insurance to its members on a…
Also in this document: Concurrence.
2Cases cited2 opinions
- Tanner v. Lindell Railway Co.Supreme Court of Missouri · 1904
- Baltimore & Ohio Railroad v. CannonCourt of Appeals of Maryland · 1890
3Cited by3 opinions
- Arkansas Life Insurance v. American National InsuranceSupreme Court of Arkansas · 1913
- Leininger v. North American National Life InsuranceNebraska Supreme Court · 1927
- Hermione Lodge No. 16, Knights of Pythias v. Grand Lodge, Knights of PythiasSupreme Court of Alabama · 1946