Noll v. Boyle

The opinion of the court was delivered by

Smith, J.:

This is an autiojpagainst directors of a corporation brought by jhe_receive.r of the corporation to recover for losses sustained by the corporation because of the investment of its funds in enterprises beyond its charter powers. Judgment was for defendant. Plaintiff appeals.

The petition of plaintiff states nine causes of action. The purposes for which the corporation was organized are expressed in the charter as follows:

*253“To acquire or sell and otherwise dispose of and deal in .commercial paper and the doing of all things necessary and…