Scranton Axle & Spring Co. v. Scranton Board of Trade

Citations

• 271 Pa. 6
• 113 A. 838
• 1921 Pa. LEXIS 449

Syllabus

<p>Corporations — Stocks—Notice—Unanimous vote of stockholders.</p> <p>1. Where stock of a corporation is issued in pursuance of the unanimous vote of the stockholders, it is valid, although the meeting, at which it was authorized, was not called for that purpose, on sixty days’ notice, as provided by statute.</p> <p>Corporations — Contract—Sale of slock — Officers—Ratification.</p> <p>2. Where stockholders of a corporation authorize the directors to issue and sell stock, and they in turn commit that duty to the officers, without designating any particular purchasers, a contract entered into by the officers for such sale is binding upon the corporation and also upon the purchaser.</p> <p>3. Particularly is this so where the purchaser accepts and pays for the first installment of the stock.</p> <p>Practice, C. P — Pleading—Plaintiff’s statement — Demurrer— Damages claimed excessive.</p> <p>4. Where a plaintiff’s statement makes out a prima facie case, he cannot be turned out of court on demurrer thereto, even though he may claim more damages than he will ultimately be entitled to recover.</p>