Watts Mercantile Co. v. Buchanan

Citations

• 92 Miss. 540
• 46 So. 66

Syllabus

<p>J» Corporations. Promissory notes. Scope of agency. General manager. Estoppel.</p> <p>A suit on the promissory note of a corporation, 'given by its general manager for property purchased and received by the corporation from the payee, cannot be defeated by showing that the general manager was without authority to execute the note.</p> <p>2. Same. Laws 1900, p. 127, eh. 88, sec. 5. Ultra vires. I i 1 !</p> <p>A corporation purchasing shares of the capital stock of another corporation cannot hold the shares purchased and defeat the payment of a note given for the price on the ground that the transaction was ultra vires and violative of Laws 1900, p. 127, ch. 88, sec. 6, prohibiting such purchases.</p>