Kriger v. Hanover National Bank

Citations

• 72 Miss. 462

Syllabus

<p>1. CORPORATION. Subscription to stock. What constitutes.</p> <p>One who authorizes the secretary of a new corporation to procure some of the stock for him, and is notified a certain amount has been secured, and thereafter pays an assessment, and assumes to assign the stock, is a subscriber for the stock, although he does not subscribe the stock book and no certificate is ever issued, and the only memorandum of the transaction is a pencil entry of his name and the amount of the stock in the list of subscriptions kept by the corporation.</p> <p>2. Saiie. Unpaid subscription. Transfer. Inability of stockholder. Limitation. Code 1880, $ 1037.</p> <p>Under $ 1037, code 1880, making- a stockholder liable, to the amount of his unpaid stock, for corporate debts created during his ownership thereof, the liability to continue for one year after a transfer thereof, the year does not begin until a transfer in the manner provided by the said statute, namely, by indorsement and delivery of the stock certificate and registry of the transfer on the books of the corporation.</p>