30 Mo. 118 | Mo. | 1860
delivered the opinion of the court.
The question in this case arises upon the offer of the appellant, (who was a subscriber to the capital stock of the Southern Hotel Company,) to prove by one of the corpora-tors, Joseph Chambers — who was also a member of the first board of directors — that the subscription list, on which the witness’ name appears as a subscriber for one hundred shares and that of the appellant for five shares, was opened and completed prior to the month of October, 1856 ; and that the said subscription was afterwards abandoned and annulled by the said corporators. This ‘evidence, on the objection of the respondent, was excluded by the court, on the ground that the facts could only be proved by the record showing the action of the corporate authorities, unless the absence of such record was accounted for. To this ruling of the court the appellant excepted, and-.this is the only question the record presents for our consideration.
The answer alleges substantially that the corporators entered into an agreement for a lease of certain premises on which to erect their hotel, and commenced obtaining subscriptions to the capital stock; that they afterwards annulled the contract for a lease, and opened a new subscription book; and, when the new subscription was filled up to fifty thousand dollars, they organized the company on the 10th of February, 1857 ; that the appellant was a subscriber for five shares in the first opened book, which was set aside and abandoned, and never became a subscriber on the second on which the company was organized. He further alleges that the payment made by him on his subscription was under a
Again, what is there in the charter or general corporation law requiring the proceedings of the corporators or directors to be matters of record ? or does the validity of their acts depend upon their being made a matter of record ? It is well settled that the acts of a corporation, evidenced by vote, written or unwritten, are as completely binding upon it as the most solemn acts done under seal; that they may make parol promises either by vote or through their authorized agents, and that such promises may as well be implied from its acts and the acts of its agents as by deed. (Angell & Ames on Corp. 237; 7 Cranch, -; 5 Wheat. 325. See also Edgerly v. Emerson, 3 Foster, 566.) In Trustees of St. Mary’s Church v. Cagger, 6 Barb. 579, the trustees had-passed a resolution submitting a proposition, which had been transmitted to and accepted by Cagger, but it did not appear from the record that the report, (adopted at a meeting of the trustees,) or any resolution thereon, had been adopted by the trustees; but the secretary testified that they were adopted. The admission of this evidence was assigned for error, on the ground that no such vote of the trustees being on record, secondary evidence could not be admitted to prove that such a vote had been actually passed. It was held to have been properly admitted. The objection was not put upon the ground that higher evidence existed on the minutes of the board of trustees ; for it appeared affirmatively that no record was made of the vote adopting the report and resolutions. The court observes that formerly it was supposed that the acts of corporations could only be established by positive record evidence, and that no corporate act could be binding without being reduced to writing and bearing a cor
Wo think the court erred in excluding the evidence offered, and the judgment is reversed and the cause remanded.