Reports of Cases Determined in the District Courts of Appeal of the State of California (Volume 20)
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Reports of Cases Determined in the District Courts of Appeal of the State of California (Volume 20)  (English, Paperback, Bancroft-Whitney Company)

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Highlights
  • Language: English
  • Binding: Paperback
  • Publisher: Cambridge Scholars Publishing
  • ISBN: 9781153888042, 1153888041
  • Edition: 2010
  • Pages: 356
Description
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913. Excerpt: ... CORPORATION (Continued). based upon a present consideration, and having reference to legitimate corporate purposes, and tending to redound to the benefit of the corporation, and is not a mere device to evade the law and accomplish that which is forbidden. (California Trona Company v. Wilkinson, 694.) 8. Purpose Of Provision Of Constitution.--The purpose of such provision of the constitution is to preserve at all times the property of the corporation, and protect the rights of the creditors and stockholders thereof, and to prevent the stock from being transferred or disposed of without a sufficient consideration either in money or property or labor performed for it. (Id.) 9. Question Of Adequacy And Inadequacy Of Consideration.--Though the creditors might complain of an inadequate consideration, neither the corporation nor its stockholders can complain thereof; and if there is shown to be any consideration for the issuance by the corporation plaintiff of its stock, though inadequate, viewed from the standpoint of value, such transaction cannot be assailed by the corporation or its stockholders. But it is held that the facts disclosed clearly show that the plaintiff corporation received under the circumstances, under which its stock was issued to the defendant, an adequate consideration. (Id.) 10. Consideration For Stock--Large Loan To Plaintiff For DevelofMent Of Undevelofed Mines--Mortgage--Stock As additional Profit For Advances.--It can seldom, if ever, be said that the capital stock of a mining corporation whose properties are undeveloped is worth its par value. It cannot be said that the stock of the plaintiff at the time of the transaction was worth any where near such value, but its value then was purely tentative and problematical, and where it m...
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Specifications
Book Details
Publication Year
  • 2010
Contributors
Author
  • Bancroft-Whitney Company
Dimensions
Width
  • 7.44 inch
Height
  • 2.91 inch
Weight
  • 141 g
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