Bay View Homestead Ass'n v. Williams

Citations

• 50 Cal. 353

Syllabus

<p>Coepoeation and its Tebasueeb.—If a corporation becomes obligated to pay a sum of money, and places the money in the hands of its treasurer for the purpose of meeting the obligation, and the treasurer expends the money for the benefit of the obligee, and the corporation by resolution entered on its records assents to the expenditure thus made, it cannot afterwards hold the treasurer liable for the money.</p> <p>Idem.'—If, in such case, the assent of the corporation is formally given by its board of directors, and the assent thus given is ordered to be entered on its records, but, by the neglect or oversight of the secretary, it is not entered of record, or if for any cause the corporation postpones its formal entry of record, such assent will, in like manner, release the treasurer from liability to the corporation.</p> <p>Beoobds on a Coepoeation.—The acts of the board of directors of a corporation, ordered to be entered of record, but which the secretary, by neglect or mistake, does not enter, may be proved by parol testimony.</p> <p>Idem.-—If the corporation, for reasons deemed sufficient by it, postpones the formal entry of record of the acts of its board of directors, they may be proved by parol testimony.</p>