Steel v. Dunne

Citations

• 65 Ill. 298

Syllabus

<p>1. Corporation—individual liability as stoclcholdm'—construction. In order to fix a liability upon one for the debts of a private corporation organized under the general law which makes stockholders individually liable to the creditors of the company to an amount equal to the stock held by them, etc., it must be made plainly to appear that he was a stockholder, and within the purview of the law. The meaning of the statute can not be enlarged so as to include cases not expressly within its provisions.</p> <p>3. The mere fact that the defendant was a director in such a company is not sufficient to make him liable individually within the meaning of the statute.</p> <p>3. So, where the defendant was a director in the Piute Mining Com pany, and it appeared that company had never issued any certificates of stock, and it was not shown that he ever subscribed for stock, and it appeared that he was a stockholder in the Piute Silver Mining Company, subsequently organized with a different directory: Held, that he was notA, liable individually in a suit by a creditor of the first named corporation.</p>