 | Law reports, digests, etc - 1913 - 1324 pages
...nr stockholder to vote to apply any portion of the funds of the corporation, except surplus stock, directly or indirectly to the purchase of shares of its own stock, for the law will read into the contract an intent to pay for the shares out of the surplus profits,... | |
 | George Wilson Morgan, Amasa Junius Parker - Banking law - 1914 - 562 pages
...on his stock ; or, 5. To apply any portion of the funds of such corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock, An officer or director of a stock corporation who: 6. Issues, participates in issuing, or concurs in... | |
 | Harry Bower Bradbury - Appellate procedure - 1914 - 686 pages
...intended : * * * "5. To apply any portion of the funds of such corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock, is guilty of a misdemeanor." We are much impressed with the contention that the contract in this case,... | |
 | Reinhold Klotz - German language - 1915 - 726 pages
...any directors who vote "to apply any portion of the funds of a corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock." (Penal Law of New York, section 664, subd. 5.) Quoting from the opinion : "Atlanta Assn. v. Smith,... | |
 | George Wilson Morgan, Amasa Junius Parker - Banking law - 1915 - 572 pages
...on his stock ; or, 5. To apply any portion of the funds of such corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock, An officer or director of a stock corporation who : 6. Issues, participates in issuing, or concurs... | |
 | Washington (State), Arthur Remington - Law - 1916 - 2270 pages
...his stock; or, Fifth — To apply any portion of the funds of such company, except surplus profits, directly or indirectly, to the purchase of shares of its" own stock, shall be guilty of a gross misdemeanor. [L. '11, p. 203, § 53.] § 6059-54. Misconduct of Officers... | |
 | William Lawrence Clark - Corporation law - 1916 - 952 pages
...a misdemeanor for a director to vote to apply "funds of a corporation, except the surplus profits, directly or indirectly to the purchase of shares of its own stock." " The court declared that, "as the illegality of a purchase by a corporation of its stock rests upon... | |
 | New York (State) - Session laws - 1924 - 866 pages
...manner allowed by law ; or, 5. To apply any portion of the funds of such corporation, except surplus,2 directly or indirectly, to the purchase of shares of its own stock. § 2. This act shall take effect immediately. CHAPTER 222 AN ACT for the acceptance by the state of... | |
 | Law reports, digests, etc - 1914 - 1120 pages
...intended : * * * (5) To apply any portion of the funds of such corporation, except surplus profits, directly or Indirectly, to the purchase of shares of its own stock — Is guilty of a misdemeanor." In Richards v. Wiener Co., 207 NY 59, 65, 100 NE 592, 593 (1912),... | |
 | Law - 1928 - 508 pages
...is intended: ... (5) To apply any portion of the funds of such corporation, except surplus profits directly or indirectly, to the purchase of shares of its own stock, is guilty of a misdemeanor." 1 WmjsTON, SELECTIONS FROM TREATISE ON LAW OF CONTRACTS, § 103e. ' Richards... | |
| |
To apply any portion of the funds of such corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock ; or 6. 
