Rozecrans Gold Mining Co. v. Morey

Citations

• 111 Cal. 114
• 43 P. 585
• 1896 Cal. LEXIS 552

Syllabus

<p>Corporation—Directors must be Stockholders—Purchase oe Corporate Property—Trust.—Under section 305 of the Civil Code, a person not a stockholder in a corporation does not become a de jure director by being elected to that office, nor by retaining the possession of stock which is put in his name after such attempted election; nor does he become a de facto director if he never assumed to act or represented himself as a director, and repudiated the office after being notified of his election. Such a person does not, by purchasing the corporate property at an execution or tax sale, become charged as a trustee for the corporation.</p>