World's Panama Exposition Co. v. Sweeny

Citations

• 11 Teiss. 3
• 1913 La. App. LEXIS 103

Syllabus

<p>Syllabus.</p> <p>1. Certificates of stock are mere .evidences of shareholding; but the shares themselves in a nascent corporation are acquired by the fact of subscription and its acceptance.</p> <p>2. Pure questions of law touching the merits of the case are put at issue as a matter of course by an answer to the merits.</p> <p>3. Where a shareholder in a corporation is aware that the corporation, with the approval of its other shareholders, is .expending large sums in furtherance of the corporate purpose, but for reasons satisfactory to himself has refrained from complaining of such expenditures at the time, he will be taken to have yielded his consent thereto; and he cannot thereafter set up want >of authority in the corporation to make such expenditures, especially where it is a question of paying the debts so contracted and equalizing matters between himself and other shareholders similarly situated.</p>