Miller v. York Coated Paper Co.

Citations

• 39 Pa. Super. 538
• 1909 Pa. Super. LEXIS 527

Syllabus

<p>Corporations — Liability of directors — Debts—Acts of April 29, 1874, P. L. 73, February 9,1901, P. L. 3, and April 22,1905, P. L. 280.</p> <p>Since the passage of the Act of February 9,1901, P. L. 3, a corporation of any kind may lawfully incur or create an indebtedness in any amount “it shall deem necessary” without regard to the amount of its capital stock paid in. The arbitrary relation of a corporation’s indebtedness to its capital stock created by the act of April 29,1874, P. L. 73, has disappeared.</p> <p>2. The directors of a corporation are not liable for the debts of .a corporation contracted in the usual course of corporation business, whether such debts are or are not in the aggregate more than the actual capital stock paid in.</p>