Bank of Yolo v. Weaver

Citations

• 3 Cal. Unrep. 569
• 31 P. 160
• 1892 Cal. LEXIS 1031

Syllabus

<p>Corporation—Borrowing Money.—A Resolution of the Board of directors authorizing the secretary to borrow money for the corporation is sufficient, though not entered on the minute-book, and, therefore, in an action against stockholders to recover the money so borrowed, the admission in evidence of a resolution adopted by the board and entered on its minutes is immaterial.1</p> <p>Corporate Stock—Evidence of Ownership.—Evidence that a person subscribed for stock is not sufficient proof that he actually owns the shares, when it does not appear that he bought them on credit, but rather that he was to pay for them at once, and it also appears that he did not pay or offer to pay for them, and that no certificate of them was ever issued to him.</p>