West v. Topeka Savings Bank

Citations

• 66 Kan. 524
• 72 P. 252
• 63 L.R.A. 137
• 1903 Kan. LEXIS 95

Syllabus

<p>SYLLABUS BY THE COUBT.</p> <p>1. Corporations — Stock■ Subscription — Limitation of Action, So long as a private corporation is a solvent and going concern the statute of limitations does not begin to run on a stockholder’s subscription to its capital stock, to be paid at intervals upon the call of the board of directors, until a call has been made,</p> <p>2. -Suspension of Business- — Limitation of Action. When a private corporation becomes insolvent and suspends active business, or when it closes its doors and ceases all its usual and ordinary business, leaving debts unpaid, the statute of limitations begins to run at once on a stockholder’s subscription to its capital stock, to be paid at intervals upon the call of the board of directors, and then subject to call, even though no call be made.</p> <p>3. Banks and Banking— Savings Banks. The banking law of 1891 superseded the savings-bank act of 1868, and thereafter all savings banks previously organized and engaged in the business of receiving money on deposit were amenable to its provisions.'</p> <p>4. Corporations — Calls for Stock Subscriptions — Legislative Poiuer — Limitation of Action, When a stockholder’s subscription to the capital stock of a corporation provides that payments on such subscription shall be made in instalments of a certain per cent, as called for by the board of directors, provided thirty days intervene between calls, it is competent for the legislature to divest the board of directors of its discretion to postpone calls beyond periods of thirty days each, and to fix absolutely, within the limits of the contract, the time and amount of such payments. In such case the payments become due at the times prescribed by law, and the statute of limitations begins to run against their collection as soon as default occurs. •</p> <p>5. -Action on Subscription — Pleading. If, in an action by a corporation against a stockholder to recover an unpaid subscription to its capital stock, the petition ténd