March v. Fairmount Creamery Ass'n

Citations

• 32 Pa. Super. 517
• 1907 Pa. Super. LEXIS 45

Syllabus

<p>Corporations — Forfeiture of stock — Legislative authority — By-laws.</p> <p>When a money corporation makes and attempts to enforce a by-law which involves a forfeiture of vested property rights, it must show express legislative authority, or a power lawfully conferred by its charter to declare such a forfeiture.</p> <p>A corporation owning and operating a creamery cannot enforce a by-law providing for the forfeiture of the stock of a stockholder if he does not furnish milk to the company’s creamery, against a stockholder who owned stock before the by-law was passed, and who never consented to its passage.</p>