Morrill v. Harris

Citations

• 23 N.M. 146
• 167 P. 276

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. The articles of incorporation of a corporation are competent evidence to establish, as against such corporation, the recitals contained in such articles as to the number of shares of capital stock which such corporation is authorized to issue, and that the full number of shares had been subscribed for at the time of its incorporation. P. 149</p> <p>2. Where the total authorized capital stock of a banking corporation, organized under section 431, Code 1915, is fully subscribed, it has no power or authority to solicit additional subscriptions to its capital stock, and a note given for such additional subscription to its capital stock is without consideration. P. 150</p> <p>3. Corporate directors and officers have no power to agree with a subscriber to the capital stock of such corporation that his subscription shall be canceled and his note returned, at his request, unless such power is given them by charter or statute, or the by-laws of the corporation. P. 155</p>