123 Ga. 787 | Ga. | 1905
(After stating the facts.) The Putnam County Banking Company was organized under a special act of incorporation, approved December 24, 1888. Acts of 1888, p. 89. It provided that “ each stockholder in said corporation shall be individually liable for the debts of the corporation to the amount of his or her unpaid subscription to the capital stock of the corporation, and for an additional amount equal to his subscription.” The question presented for determination is: Was it the purpose ■of the General Assembly to impose this individual liability upon •each and every person who might become a shareholder of the corporation, by subscribing to its capital stock or by purchase of shares issued to. another, or otherwise succeeding to the holdings
An examination of the various charters granted to banking institutions prior to, at nearly the same time as, and subsequently to the passage of the special act incorporating the Putnam County Banking company, satisfies us that the General Assembly had no settled policy with regard to the terms upon which such charters should be granted, or any formulated scheme looking to the protection of creditors of this class of institutions. The reported cases which involved a construction of acts imposing an individual liability upon holders of stock in banks bear out this statement, so far as early legislation is concerned. See Lane v. Morris, 8 Ga. 468, 10 Ga. 162, 16 Ga. 217; Thornton v.
In view of all this .legislation on the subject, we can not but conclude that the General Assembly intended each act of incorporation’ to speak for itself, and to be construed in accordance with the cardinal rule of construction, that words of ordinary
Judgment in each case affirmed.