Steele v. Hughes
Supreme Court of Arkansas
Appeal from Saline Circuit Court; W. H. Evans, Judge; STATEMENT BY THE COURT. On the 22d. day of September, 1908, the chancellor, in vacation, appointed a receiver for the Saline County Bank upon a petition therefor by the officers of the bank.
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Appeal from Saline Circuit Court; W. H. Evans, Judge; STATEMENT BY THE COURT. On the 22d. day of September, 1908, the chancellor, in vacation, appointed a receiver for the Saline County Bank upon a petition therefor by the officers of the bank. Appellant, on the 17th day of June, 1909, filed an intervention, wherein she alleged that the Saline County Bank was incorporated under the laws of Arkansas in 1894; that John L. Hughes was its president until his death, which occurred in 1908; that the capital stock of the bank was fixed by its charter at the sum of $25,000, all of which was…
1Opinion of the Court
Wood, J.,
(after stating the facts). Our Constitution provides that “no private corporation shall issue stocks or bonds, except for money or property actually received or labor done, and all fictitious increase of stock or indebtedness shall be void; nor shall the stock or bonded indebtedness of any private corporation be increased, except in pursuance of general laws, nor until the consent of the persons holding the larger amount in value of stocks shall be obtained at a meeting held after notice given for a period not less than sixty days, in pursuance of law.” Art. 12, § 8, Const, of Ark.
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2Cases cited7 opinions
- Scovill v. ThayerSupreme Court of the United States · 1882
- Sanger v. UptonSupreme Court of the United States · 1875
- Webster v. UptonSupreme Court of the United States · 1876
- Chubb v. UptonSupreme Court of the United States · 1877
- Pullman v. UptonSupreme Court of the United States · 1878
2 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Davis v. ScottSupreme Court of Arkansas · 1917
- Delony v. DillardSupreme Court of Arkansas · 1922