Rankin v. Southwestern Brewery & Ice Co.
New Mexico Supreme Court
Appeal and cross-appeal from district court of Bernalillo county, before Benjamin S. Baker, Associate Justice. The purchasing and running of saloons, and the diversion of the funds of the corporation by loans to persons engaged in the saloon business, and the investment of its funds for lands not needed for its business were not authorized by the articles of incorporation, and were ultra vires, and the court should have enjoined the defendants from so doing, and held them…
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Appeal and cross-appeal from district court of Bernalillo county, before Benjamin S. Baker, Associate Justice. The purchasing and running of saloons, and the diversion of the funds of the corporation by loans to persons engaged in the saloon business, and the investment of its funds for lands not needed for its business were not authorized by the articles of incorporation, and were ultra vires, and the court should have enjoined the defendants from so doing, and held them accountable for the moneys so expended. Germania Safety Vaults Company v. Boynton, 71 Fed. 797; Iron Co. v. Richie, L. R.…
1Opinion of the Court
OPINION OF THE COURT.
PARKER, J.
The above cases are both before this court to review the same judgment, the former being a direct appeal by defendants, and the latter a cross-appeal by plaintiffs, and will be considered together.
1 It appears from the transcript that ever since 1893 the defendant, Henry Loebs, has received for his services in and about the business of the corporation the sum of $175 per month, voted to him at various directors’ meetings from time to time. It further appears that in order to pass such resolutions it was necessary for said Loebs to participate in said meetings…
2Cases cited11 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Hoffman Steam Coal Co. v. Cumberland Coal & Iron Co.Court of Appeals of Maryland · 1860
- Dimpfell v. Ohio & Mississippi Railway Co.Supreme Court of the United States · 1884
- Alexander v. SearcySupreme Court of Georgia · 1889
- Taylor v. HolmesSupreme Court of the United States · 1888
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Bank of Mill Creek v. Elk Horn Coal Corp.West Virginia Supreme Court · 1950
- Goldie v. YakerNew Mexico Supreme Court · 1967
- Hand v. Kansas City Southern Ry. Co.District Court, S.D. New York · 1931
- Davis v. HarrisonWashington Supreme Court · 1946
- Jepson v. PetersonSouth Dakota Supreme Court · 1943