Globe Realty Co. v. Whitney

Citations

• 106 La. 257

Syllabus

<p>Syllabus.</p> <p>The corporations authorized to he formed by Act No. 36 of 1888 have no existence until they have obtained a capital stock of five thousand dollars. The title of real estate purchased in the name of such a corporation, prior to its having obtained such capital stock, does not vest in the corporation, nor does the property become the property of the corporation by the simple fact of its subsequent acquisition of capital stock to the amount legally required. Title to the property has to be transferred to the corporation before it can convey such a title as a purchaser could be forced to accept.</p>