Home Building & Loan Ass'n v. Van Pelt
Supreme Court of Georgia
Complaint. Before Judge Marshall J. Clarke. Pulton superior court. September term, 1892. The action was originally brought by the plaintiff as a corporation for indebtedness of Van Pelt upon a bond, for advances made to him by plaintiff of which association he was a member. The case was referred to an auditor who, in December, 1889, filed a report finding in favor of plaintiff.
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Complaint. Before Judge Marshall J. Clarke. Pulton superior court. September term, 1892. The action was originally brought by the plaintiff as a corporation for indebtedness of Van Pelt upon a bond, for advances made to him by plaintiff of which association he was a member. The case was referred to an auditor who, in December, 1889, filed a report finding in favor of plaintiff. In April, 1890, defendant pleaded, in substance: The plaintiff' began to issue stock to persons subscribing for the same under its by-laws, in a serial form, which stock was limited and not to exist and run to the full…
1Opinion of the Court
*501 Judgment reversed.
Afterward, plaintiff filed an amendment to its declaration, as follows: The corporation has never dissolved, nor has its board of directors been dissolved, but it is still in existence with president, board of directors and stockholders as they existed in December, 1888, prepared to exercise the powers granted by the charter. About the time the stock of the corporation was about reaching its ultimate value, the corporation found itself possessed of a large amount of assets that could not be divided out to its several stockholders, among these assets being several pieces of…
2Cited by1 opinion
- Home Building & Loan Ass'n v. Van PeltSupreme Court of Georgia · 1894