141 Ga. 502 | Ga. | 1914
Lead Opinion
It is declared in the Civil Code, § 2398, that the stock in insurance companies shall be deemed, personal, and be transferable in the manner prescribed by the by-laws of the company, but that no share shall be transferable until all previous calls thereon shall have- been paid in. This distinctly recognizes that there may be ownership of capital stock by the subscriber before he has paid his" subscription therefor. From what has been said it clearly appears that the subscribed stock, mentioned above, should be held capital stock of the corporation, within the meaning of the Civil Code,
Judgment reversed.
Concurrence Opinion
concurring specially. I concur in the judgment, but do not concur in all that is said in the opinion of the majority of the court. The plaintiffs are purchasers of stock which was issued and sold by virtue of the agreement unanimously entered into by the original stockholders subscribing for the balance of the authorized capital stock, and providing for its sale by the directors. The status of the plaintiffs as stockholders, therefore, depends upon this agreement, and they are in no position to attack its validity. In this case the plaintiffs invoked the action of a court of competent jurisdiction, and obtained an injunction against an' application to amend the charter, which showed on its face that it was based on the ground that, in determining what was á majority of