West v. Dyson

Citations

• 230 Pa. 619
• 79 A. 782
• 1911 Pa. LEXIS 658

Syllabus

<p>Corporations — Increase of corporate indebtedness — Consent of stockholders — Beal estate company — Mortgage—Usual course of business. *</p> <p>A Pennsylvania corporation organized for the purpose of “erecting buildings, purchasing, holding, leasing, mortgaging, improving and selling real estate,” may, without the consent of its stockholders as provided by sec. 7, art. XVI, of the constitution, and the Acts of April 18, 1874, P. L. 61, and February 9, 1901, P. L. 3, increase its indebtedness by a mortgage, the proceeds of which are to be used “in the liquidation of debts of the corporation contracted for building materials, labor, etc., in the erection of a certain building upon its real estate, and in the purchase of adjoining land, and in the erection of other buildings.”</p>