West Salem Land Co. v. Montgomery Land Co.

Citations

• 89 Va. 192
• 15 S.E. 524
• 1892 Va. LEXIS 88

Syllabus

<p>Corporations—Purchase of land—President’s authority—Ratification.—The president of a land company signed a contract for the purchase of certain real estate, without authority from the board of directors or the charter of the company, but the purchase was reported to the company, and it accepted the same, capitalized the land, laid off lots, sold part of its stock, ratified the act of the president in selling part of the land, offered the rest for sale, and agreed to issue its bonds and pay for the land.</p> <p>Held :</p> <p>Ratification of the purchase, though the minutes of the company showing these facts were not signed.</p>