Southern Bank v. Williams
Supreme Court of Georgia
Complaint, from Decatur. Tried before Judge Allen, April Term, 1858. The plaintiff sued defendant as acceptor on three bills of exchange, payable at the Southern Bank of Georgia. Defendant pleaded, 1st, that the plaintiff had no legal organization, because the commissioners did not do their duty, as prescribed by the Act of incorporation, in opening books of subscription — not opening any books at all. 2d.
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Complaint, from Decatur. Tried before Judge Allen, April Term, 1858. The plaintiff sued defendant as acceptor on three bills of exchange, payable at the Southern Bank of Georgia. Defendant pleaded, 1st, that the plaintiff had no legal organization, because the commissioners did not do their duty, as prescribed by the Act of incorporation, in opening books of subscription — not opening any books at all. 2d. That they did not give notice and convene the stockholders, as required by the Act of incorporation, for the pur5» ose of electing directors. 3d. That prior to the pretended organization,…
1Opinion of the Court
By the Court
McDonald, J.
delivering the opinion.
The defence set up in this case cannot be allowed. As strong as the language is, which is used in some oí the cases decided by this Court, they do not apply to the case of a bank whose charter is like that of the plaintiff There is no condition precedent in this charter; nothing to be performed as a condition on which the bank was to commence business. *536It may commence business as soon as fifty thousand dollars in specie shall have been paid, hut there is nothing prohibitory in the clause. This Court, in cases which it has decided, has used very…
2Cited by1 opinion
- Wood v. Coosa & Chattooga River RailroadSupreme Court of Georgia · 1861