Ginn v. Cleveland Sanitarium Co.

Citations

• 25 Ohio C.C. Dec. 148
• 16 Ohio C.C. (n.s.) 90
• 1909 Ohio Misc. LEXIS 346

Syllabus

<p>CORPORATIONS.</p> <p>1. Refusal to Take Corporate Stock Subscribed no Relief Against Corporate Debts Subsequently Created.</p> <p>A subscriber for stock in a corporation can not be relieved of paying therefor simply by his declaration that he will not take the stock, even if made before any debts have been contracted by the corporation; but if all the stockholders consent to a cancellation of his subscription before any debts are contracted he is relieved therefrom.</p> <p>2. Consent of Other Stockholders to Cancellation of One’s Subscription by Unimpeached Acquiescence.</p> <p>The consent of all the other stockholders need not be express, if their acquiescence continues unimpeached, with full knowledge of the facts. ,</p> <p>[Syllabus by the court.]</p>