Lefker v. Harner
Supreme Court of Arkansas
Appeal from Washington Chancery Court; T. H. Humphreys, Chancellor; STATEMENT BY THE COURT. Appellee instituted this suit against appellant, alleging that un June 20, 1911, appellant 'and others organized a corporation under the name of Ozark Trust Company, (having a paid-up .capital stock, according to its articles of association, of $50,000 divided into five hundred shares of the value of $100 each, of which appellant owned 239 shares), for the purpose of engaging in the…
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Appeal from Washington Chancery Court; T. H. Humphreys, Chancellor; STATEMENT BY THE COURT. Appellee instituted this suit against appellant, alleging that un June 20, 1911, appellant 'and others organized a corporation under the name of Ozark Trust Company, (having a paid-up .capital stock, according to its articles of association, of $50,000 divided into five hundred shares of the value of $100 each, of which appellant owned 239 shares), for the purpose of engaging in the business of a trust company, as provided by chapter 31, subdivision V, sections 887 to 891, inclusive, of Kirby’s Digest;…
1Opinion of the Court
Wood, J.,
(after stating the facts). The law under which the Ozark Trust Company was organized provides that in no event shall the paid-up capital stock of such corporations be less than $50,000. Kirby’s Digest, section 889.(1) The allegations of .the complaint show that the transaction under review resulted in a depletion or reduction of the capital stock of the Ozark Trust Company to less than the amount required under our law. The transaction was therefore invalid. The purposes for which trust companies may he organized are set forth in chapter 31, subdivision V, section 888 Kirby’s Digest.…
2Cases cited8 opinions
- Sanger v. UptonSupreme Court of the United States · 1875
- Atlanta & Walworth Butter & Cheese Ass'n v. SmithWisconsin Supreme Court · 1910
- Kom v. Cody Detective Agency, Inc.Washington Supreme Court · 1913
- Tait v. PigottWashington Supreme Court · 1903
- Union Trust Co. v. AmeryWashington Supreme Court · 1912
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3Cited by3 opinions
- Johnson v. Canfield-Swigart Co.Illinois Supreme Court · 1920
- Grace Securities Corp. v. RobertsSupreme Court of Virginia · 1932
- Sanford v. First Nat. Bank of MarysvilleCourt of Appeals for the Eighth Circuit · 1916