Saussey v. Liggett

Citations

• 75 Fla. 412

Syllabus

<p>1. Th© rule is that when a case is heard on bill and answer all the averments of the answer are taken as true.</p> <p>2. The liability of a stockholder of a banking company is eso contractu.</p> <p>3. Double liability of a stockholder of a banking corporation organized under the laws of this State depends upon the terms of the statutes creating it, and as such statutes are in derogation of the comm'on law they cannot be extended beyond the words used.</p> <p>4. By a Special Act of the Legislature, namely Chapter 4272, approved May 9th, 1893, a banking corporation was created and granted a Special Charter containing a provision “that ' ' the stockholders of said Corporation shall not be individually liable for the debts of the company, except to the extent of any unpaid subscription to the said capital stock thereof.” Subsequently proceedings were taken under authority of Section 2727 General Statutes of 1906 with a view to converting said corporation into a Banking Company under the General •Banking law. Held, applying the rule stated in the headnote immediately preceding, that such alleged conversion did not have the legal effect of placing upon the stockholders the double liability imposed by Section 2700 General Statutes of 1906 upon stockholders in Banking Companies organized under the General Banking law since the statute authorizing the conversion does not purport to, and' does not in fact provide that such shall be its effect upon the stockholders.</p>