PC_298_Ball_Farlin_Q_Collection_F1_027

himself, such a transaction [cut-off]
cion, and strict proof of bona fides is required. --- Wall
v. Rothrock, 88 S. E. 633.

(N. C.) Findings of fact that directors of corpo-
ration recieved a mortgage on corporate property to
secure them on indorsement of corporate notes in good
faith wihtout findings as when obligations were con-
tracted, held not to show that they were entitled to enforce
lien as against other creditors: the corporation having
become insolvent. --- Wall v. Rothrock, 88 S. E. 633.

(Tex. Civ. App.) Where a subscriber to stock,
induced thereto by misrepresentations, after discover-
ing the facts renewed the note given for the price, he
waived the fraud and acquiesced therein, and could not
have cancellation of the note. --- Cattlemen's Trust Co. of
Ft. Worth v. Pruett, 184 S. W. 716.

(Tex. Civ. App.) in suit by a subscriber to stock,
induced thereto by misrepresentations as to par value, to
cancel the note given from the price, evidence held to
show conclusively that plaintiff, when he renewed the
original note, knew the untruth of the representations,
and has consulted with this attorneys. --- Cattlemen's
Trust Co. of Ft. Worth v. Pruett, 184 S. W. 716

(Tex. Civ. App.) Making of certificate of stock
by banking corporation in name of subscriber who gave
only a note, and its retention until the note should be
paid, meanwhile apportioning dividends to the sub-
scriber, etc., held not violative of Const. art. 12 § 6,
or Rev. St. 1911, art. 1146, prohibiting issuance of stock
except for money paid, labor done, or property recieved.
--- Cattlemen's Trust Co. of Ft. Worth v. Pruett, 184
S. W. 716.

(Tex. Civ. App.) A corporation is not restricted
to the actual wording of its charter, but has implied
powers reasonably necessary or usually incident to its
business. --- Coppard v. Farmers' & Merchants' State
Bank, 184 S. W. 551.

(Mo. App.) Cashier of lumber company, whose
duty it was to recieve money paid on account and exe-
cute reciepts, had apparent authority, as to a contractor
for a building and the owner, to apply the contractor's
payment in part to reduce his account for matierial on
the owner's job. --- Julies Seidel Lumber Co. v. Weaver,
184 S. W. 484.

(Tex. Civ. App.) Where a note was executed by
the president of the defendant corporation within the
apparent scope of his authority, it was immaterial on
the liability of the corporation how the money was to
be used. --- Coppard v. Farmers' & Merchants' State
Bank, 184 S. W. 551.

(Tex. Civ. App.) An act, ultra vires, though not
hid, may be ratified either by acquiescne of those
charged with management of the corporation or by af-
firmative ratification. --- Coppard v. Farmers & Mer-
chants' State Bank, 184 S. W. 551

(Tex. Civ. App.) Where a loan from plaintiff
bank was credited to defendant corporation and used
to purchase collateral notes for its benefit, it could
not escape liability on the ground that it was the in-
dependent act of an officer. --- Coppard v. Farmers' &
Merchants' State Bank, 184 S. W. 551.

(Ark.) Evidence held to make questions for ury
as to whether corporation's treasurer had express or
implied authority to bind it by an apparent contract
of sale and whether it was within the apparent scope
of his authority. --- Roe Rice & Land Co. v. Strobhart,
184 S. W. 461.

(Tex. Civ. App.) The mere fact that the buyer
of notes was a mercantile corporation would not make
ultra vires its act in buring such notes from which it
might largely profit. --- Coppard v. Farmers' & Mer-
chants' State Bank, 184. S. W. 551.

(Tex. Civ. App.) It is not every ultra vires act
of a corporation that is void. --- Coppard v. Farmers' &
Merchants' State Banks, 184 S. W. 551.

(Ky.) In action by farmers' produce and mer-
cantile company against its general manager to recover
for a shortage, where it appeared that all the parties
before and after attempted organization of company
dealt with it as if it had been, in fact, properly organ-
ized, they were all estopped to deny its existence. ---
Faulkner v. Farmers' Produce & Mercantile Co., 185
S. W. 151.

(Ky.) If a corporation created before the enact-
ment of Ky. St. § 4225, imposing an incorporation tax,
thereafter increases its capital stock, the organization
tax is collectible upon only the increase of stock, under
that statute. --- Louisville Gas & Electric Co. v. Bos-
worth, 185 S. W. 125.

(Ky.) Where a director's resignation worded
"to take effect on acceptance of same" is not accepted,
he continues a director, under Ky. St. § 551, continuing
directors in office "until their successors are respec-
tively elected and qualified." --- Lincoln Court Realy Co.
v. Kentucky Title Savings Bank & Trust Co., 185 S. W.
156.

(Ky.) An ultra vires act may by broadly stated
to be an act of a corporation beyond the scope of the
powers and authority, express or implied, given to it
by the sovereignty which creates it. --- Lincoln Court
Reality Co. v. Kentucky Title Savings Bank & Trust
Co., 185 S. W. 156.

(Ky.) A Corporation or its stockholders may
under certain circumstances interpose the defense of
ultra vires to an action on its contract. --- Lincoln Court
Realty Co. v. Kentucky Title Savings Bank & Trust
Co., 185 S. W. 156.

CONTRACTS

(Ala.) A plea by way of counterclaim for storage
of goods bought, which shows no liability on the part of
plaintiff to pay storage, is insufficient. --- Manchester
Sawmills So. v. A. L. Arundel Co., 73. So. 24

(U.S.C.C.A) That a buyer of lumber for resale
whose duty it was to measure lumber overbilled ship-
ments to its own customers does not warrant seller, who
was not defrauded, in resciding the contract. --- Lass-
well Land & Lumber Co. v. Lee Wilson & Co., 236 F. 322.

(U.S.C.C.A) In view of the previous construction
of the parties, held that a contract for the sale of lum-
ber authorized the buyer to deduct from the last in-

[Another Newspaper Clipping taped under previous]
Norfolk; H. L. Privett, Norfolk.

Sanderlin Company, Inc., Norfolk; $50,000; Wholesale
and retail ladies,' children's and misses' wearing
apparel, millnery; Geo. S. Rubenstein.

Damascus Clothing Company, Inc.; $10,000; hold. own.
mortgage, sell, assign, etc. goods, wares and merc-
chandise and property of every descriptoin: S. W.
Minton

Shirey and Brown, Inc., Buena Vista; $50,000; drugs;
Virginia M. Brown.

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