Sparks v. Lower Payette Ditch Co.

Citations

• 3 Idaho 306
• 29 P. 134
• 1892 Ida. LEXIS 21

Syllabus

<p>Corporation — Assessment oe Capital Stock — Liability oe Stockholder. — 1. Under an act entitled “An act concerning corporations” (Revised Laws of Idaho, 1874-75, page 618), the stockholders are individually and personally liable for their proportion of all indebtedness incurred in conducting the business of the corporation, and a joint or several action may be instituted for the collection of the same.</p> <p>Directors may Assess Capital Stock. — 2. Title 4 of the Civil Code of Idaho of 1887 supersedes the act above referred to and a corporation organized under the act of 1875, whose existence is continued under the provisions of said title 4, may by its board of directors proceed to collect, by assessment, on the capital stock of the corporation the legally incurred debts and liabilities thereof, as prescribed by said title.</p> <p>Liability oe Shareholders. — 3. The liability of the shareholders is in no wise increased by the provisions of title 4 of the Civil Code of Idaho, 1887. Action to restrain sale of stock to satisfy assessment made by board of directors. Court below refuses injunction and enters judgment for defendant; sustained.</p> <p>(Syllabus by the court.)</p>