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Source or Prior Law:

L. 1866, ch. 57, § 12.

CASE ANNOTATIONS

1. Bank cannot purchase its own stock; securing previously existing debt exception. Savings Bank v. Wulfekuhler, 19 Kan. 60, 65.

2. Purchase of bank stock for bank by directors ultra vires. Abeles v. Cochran, 22 Kan. 405.

3. Corporations may dispose of property and discontinue business. Morisette v. Howard, 62 Kan. 463, 465, 63 P. 756.

4. Cannot pledge corporation note to secure personal debt of president. Cattle Co. v. Loan Co., 65 Kan. 359, 361, 69 P. 332.

5. Question of character of business not open to collateral attack. Harris v. Gas Co., 76 Kan. 750, 762, 92 P. 1123.

6. Corporation security given to secure president's personal debt; security invalid. Bank v. Telephone Co., 88 Kan. 287, 293, 128 P. 357.

7. Bylaws restricting transfer of stock invalid; corporation cannot purchase own capital stock. Steele v. Telephone Association, 95 Kan. 580, 148 P. 661.

8. Judgment by default; stockholder may set up invalidity of contract. Ward v. Joslin, 186 U.S. 142, 148, 22 S. Ct. 807, 46 L. Ed. 1093, affirming 105 F. 224.

9. Statement of transfer of stock filed with secretary; section valid. Henley v. Myers, 215 U.S. 373, 30 S. Ct. 148, 54 L. Ed. 240.

10. Section cited in considering taxation of stock in state bank held by trust company. Ranchmen's Trust Co. v. Duncan, 114 Kan. 308, 312, 219 P. 523. Criticized: Citizens Bank v. State Tax Comm., 132 Kan. 5, 18, 294 P. 940.

11. Cited in holding Kansas corporations not doing business in Missouri. City Ice Co. v. Quivira Development Co., 139 Kan. 33, 38, 30 P.2d 140.

12. Instruction that corporation could not lawfully purchase own stock held good. Raterman v. Harwi, 146 Kan. 897, 900, 73 P.2d 1030.

13. Corporation without authority to purchase stock in another corporation, exception. State, ex rel., v. Wheat Farming Co., 153 Kan. 282, 285, 110 P.2d 795.