132 Ga. 41 | Ga. | 1909
(After stating the facts.) The court did not err in excluding evidence, and a nonsuit was properly granted, as the plaintiff could not recover after the rejection of the proffered, evidence by which he sought to show that he had acquired title to the lease contract and the rents arising thereunder. The scope of the objection to the transfer, by the insurance company, of the lease contract to Garlington and Peek, that such transfer was. inadmissible until there was proof of its execution, was not limited merely to the necessity^ of showing that the persons whose-names were signed to the transfer were, respectively, the president, and treasurer of the insurance company and that their signatures to the transfer were genuine, but was sufficiently comprehensive to demand, in addition to such proof, preliminary evidence of the authority of such persons to execute the transfer in behalf of the company. The transfer was tendered in evidence as an aict of the company, the objection called for proof of such act; and we are clear that merely showing that two agents of the company,, its president and treasurer, performed, the act was not, without-more, sufficient proof that it was the company’s act. The rule seems to be well established by the great weight of adjudicated cases that "The president of a corporation has no power, by reason of his office alone, to buy, sell, or contract for the corporation, nor to control its property, funds, or management. His duty is merely to preside at meetings of the board of directors, and to perform only such other duties as the by-laws or resolutions of the board of directors may expressly authorize.” 3 Cook on Corp. (6th ed.) §116. This rule was distinctly recognized and followed by this court in Minnesota Lumber Co. v. Hobbs, 122 Ga. 20, 24 (49 S.
The ruling herein made is readily distinguishable from that in Almand v. Equitable Mortgage Co., 113 Ga. 983 (39 S. E. 421). There a deed, purporting to be that of a business corporation,
The rulings made dispose of the case, and it is unnecessary fo pass on other questions made in the bill of exceptions.
Judgment affirmed.