121 Ky. 403 | Ky. Ct. App. | 1905
Opinion by
Reversing.
Appellant corporation was organized under the’ general law in 1887, to endure for twenty-five years-unless sooner dissolved by its stockholders. The cor
Those who embark in a corporate enterprise as stockholders impliedly agree that its affairs shall, so far as they are confined to the scope of the business set out in the articles of incorporation, be controlled by a governing board, selected in the manner provided in the articles and in accordance with the law, and that the corporation shall endure for the purpose for which it was organized for the entire period fixed by the articles, unless sooner dissolved by
In the case at bar the dissolution of appellant corporation before the time fixed in the articles is sought upon the alleged ground that it is dormant, has never
The facts of this case show that appellant corporation owned about $70,000 worth of property. It was
We are of opinion that the judgment appointing the receiver was unauthorized, and it is therefore reversed.- Cause remanded for proceedings not inconsistent herewith.