6 Ga. App. 102 | Ga. Ct. App. | 1909
Houser sued the Farmers’ Supply Company, a mercantile corporation, alleging, that the corporation had agreed with him if he would enter its employment and would become a stockholder therein, it would, in addition to paying him a salary, indorse his note at the bank for a sum necessary to pay for the stock, continuing the indorsement from time to time, and from year to-year, for five years, at the end of which period there was to be a division of profits, through the declaration of an accumulated, dividend; that at the end of the first year (December, 1903) the corporation refused to continue to indorse the note given for the procurement of the money under the circumstances just stated, whereupon it became necessary for him to make a new arrangement to get the money, by which the person from whom he got the funds was to obtain four per cent, interest in addition to one half of the profits to be earned by his stock; that on account of the prosperity of the business, the profits amounted to a considerable sum in excess of what the legal interest on the loan would have been. The alleged contract with the corporation was made through the persons who on its organization became president and general manager. The plaintiff was himself a director and vice-president. No express power appeared in the charter authorizing the corporation to enter into any contract of suretyship .and guaranty. The court granted a nonsuit, and the plaintiff excepts.