Allen v. Scott

Citations

• 104 Ohio St. (N.S.) 436

Syllabus

<p>Corporations — Double liability of stockholders — Banks—Section 3, Article XIII, Constitution 1912 — Corporations organized and stock issued between 1903 and 1913 — Liability of stockholders and rights of creditors — Obligation of contracts not impaired, when — Section 10, Article I, U. S. Constitution— Repeal of general laws by constitutional amendment.</p> <p>1. The amendment to Section 3, Article XIII of the Ohio Constitution, adopted September 3, 1912, as applied to stockholders of corporations organized after the constitutional amendment of 1903, and prior to January 1, 1913, and as applied to stockholders to whom stock was issued during the same period, does not violate the provisions of Section 10, Article I of the Federal Constitution, which provides that no state shall pass any law impairing the obligation of contracts.</p> <p>2. In such case the liability of stockholders in corporations authorized to receive money on deposit can be asserted in favor of creditors whose indebtedness was incurred after January 1, 1918.</p> <p>8. General laws passed under authority of Section 2, Article XIII, and under Section 3, Article XIII as amended November 3, 1903, may be altered or repealed by constitutional amendment.</p>