118 Ark. 157 | Ark. | 1915
(after stating the facts).
In the Kansas case, the court said: “The president of a banking corporation has power to employ counsel and manage the litigation of the bank in the absence of any order of the board of directors depriving ¡him of such powers.’'’ The authorities do not reach to the extent, ¡however, of holding, that the president of a bank is authorized to make a contract of employment retaining the services of an attorney by the year, for consultations and advice. The business of a bank and other corporations is under the care of and managed by its board of directors, and the president, as a rule, has no greater powers by virtue of his office merely, except he- is presiding officer at the meetings of the board, than any other director of the company. Kirby’s Dig., § § 841-843; 1 Morowitz on Corporations, § 537; 10 Cyc. 903; 3 Cook on Corporations. § 716.
As ¡already said, the court could have submitted the question of the president’s or the cashier’s- implied authority, to make the 'contract with the attorney upon the testimony relating to the course of /conduct of this bank’s affairs, but appellant did not request an instruction of this kind, and the court -did not err in its attempt to -correct the requested instructions by the amendment without including the submission of this question in the ©ame instruction.
The views already expressed render it unnecessary to -pass upon the question of waiver of the plea of the statute of limitations.
Finding no prejudicial error in the record, the judgment is affirmed.