Abstracts of Current Decisions on Mines and Mining: March to December, 1913 Page: 9
xv, 140 p.View a full description of this report.
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MINING CORPORATIONS.
within 18 months; but the subscribers to the capital stock, or the
purchasers of the capital stock of a mining corporation, are not liable
at the suit of a receiver for any unpaid balance on the capital stock
of a mining corporation where the articles of corporation expressly
provide that only 15 per cent of the par value of the stock is to
be paid, as in such case the creditors of the corporation represented
by the receiver occupy no stronger position than the corporation
itself, and the public record of the articles is notice to all persons
dealing with the corporation that its capital stock has not been paid
in full, and it can not be said that the creditors extended credit on
the faith of the capital stock under such circumstances.
Reel v. Brammer, 101 Northeastern, 1043, p. 1045 (Indiana), May, 1913.
AGREEMENT WITH PROMOTERS-RIGHT OF STOCKHOLDER TO
ENFORCE.
Where a corporation was promoted and organized by the holders
of an option contract for the purchase of certain mining property and
the corporation accepted and ratified a contract made by the pro-
moters to the effect that a certain assessment should be levied by the
corporation on the shares retained by them as provided in the con-
tract, a purchaser of a large block of the stock, with knowledge of the
facts, might have maintained an action to enjoin the corporation
from selling any additional stock and from levying any assessment
on any of the other stock, until an assessment had been made on the
stock held by the promoters.
Mantle v. Jack Waite Mining Co., 135 Pacific, 854, p. 855 (Idaho), October, 1913.
RIGHTS OF BONDHOLDERS-LIABILITY OF DIRECTORS.
The directors and officers of a mining corporation are not person-
ally liable at a suit of bondholders for the amount received on a lease
and option sale of a mine where the consideration was paid to the
corporation.
Young v. Haviland, 102 Northeastern, 338, p. 339 (Massachusetts), May, 1913.
PERSONAL LIABILITY OF STOCKHOLDERS TO LABORERS.
The statute of Oklahoma making stockholders personally liable
for debts due to workmen and laborers employed by the corporation,
was intended to make the liability secondary, and a laborer can not
proceed against a stockholder to enforce the liability so long as the
corporation itself has assets of any kind-either real estate or per-
sonal property--subject to execution, and the stockholders' liability
can not be enforced until an execution against the corporation is
returned not satisfied.
Gilman v. Gaesser, 132 Pacific, 318 (Oklahoma), May, 1913.9
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Thompson, J. W. Abstracts of Current Decisions on Mines and Mining: March to December, 1913, report, 1914; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc12291/m1/25/: accessed May 2, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.