Crissey v. Cook

Citations

• 67 Kan. 20
• 72 P. 541
• 1903 Kan. LEXIS 199

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporations — Forfeiture of Capital Stock. Where the statute prescribes the method of forfeiting capital stock it must be pursued with some strictness, but in the absence of such provisions it is only necessary that the method adopted be reasonable and just.</p> <p>2. -Liability of Stockholder Whose Stock has been Forfeited. If a forfeiture be void because of something which cannot be waived or cured by the action and acquiescence of the parties, the stockholder remains liable to the company’s creditors in the event of its insolvency; but a declared forfeiture, free from collusion and fraud and within the powers of the company, will not be invalidated by irregularities and defects in form which may be waived by the parties, and if both the company and the stockholder, with knowledge of the defects, accept and treat such forfeiture as valid, it will be held sufficient as against the creditors-of the company.</p>