Cooke v. Marshall

Citations

• 196 Pa. 200
• 46 A. 447
• 1900 Pa. LEXIS 502

Syllabus

<p>Corporations — Right to issue stock — Legislative authority.</p> <p>A corporation has no right to issue stock nor to increase or reduce its stock without specific legislative authority to do so.</p> <p>Directors elected by persons holding stock of a corporation, which the corporation had no legislative authority to issue, are not the legally constituted directors of the corporation.</p>