Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1910-05-10

do not furnish the key to the situa-
ton under discussion here, because
of a section of our corporation
law apparently extending to credi-
tors of stockholders the benefit Of
corporate records as follows:
Every person having charge of
the original or duplicate books OF
any corporation shall, upon appli-
cation Of any person and upon pre-
senation to him of a sworn aft
davit on behalf that he Is a credi-
tor of any stakeholder, give him
information as to the number of
shares owned by said stakeholder"
1t is also unfortunate that this
section places domestic and foreign
corporation on a different footing
in this state as to the rights OF
creditors of stockholders. 1t re-
fers to ANY corporation, but only
in connection with original or du-l
plicate books; and the reference to-
duplicate books in all probability
relates back to section IA of the act
which provides for offices of domes-
tic corporations outside of the state
of Nevada, but requires resident
agent in this state who shall at all
times have the original or dupli-
cate stock ledger. The stock led
ger is the book the agent naturally
looks to, SO that he may give in
formation as to the number of
shares owned by said stock
holder" If it extends to foreign
corporations it must be limited to
those that have an agent here in
charge of original or duplicate
books; and this would not help us
much because the resident agent
of a foreign corporation is not
required to keep either original or
duplicate books in this state; it
would leave to the corporation the
power of deciding for itself wheth-
er it would give information to a
creditor of a stakeholder.
Without further discussion it ap-
pears that domestic corporations
must give information to creditors
of stockholders and that their books
are to that extent open to such
creditors; and that, therefore, they
may attach stock as registered, and
thereby reduce it to subsection to
judgments against registered stock
holders. But it may be said in
passing that we are not directly
concerned with domestic corpora
lions under the motions herein coz
sidered; and as the conclusion just
reached is possibly contrary to rea-
son and public policy, this court
will not be bound by it without
| further consideration at the proper
time
| The discussion now reaches Il
point where We must deal with the
bearing of the subject upon stock
holders in foreign corporations. Our
statutes provide for service of pro-
cess upon foreign corporations and
undoubtedly suits can be brought
against them and tried in oul
courts, if they are engaged in bust
ness in this state, and attachmen,
may be levied upon them to seize
property or credits in their hands
Many of the cases cited, in support
of the cases under discussion go nc
farther than this. Are shares O
stock property in the hands of I
corporation, registered or unreg
istered? The modern view is tina
they are not, but are property II
the hands of the holder of thu
certificates bona fide. Is the stool
anything the corporation owes tn
stockholder? If unissued, yes; blu
If issued there is nothing due tn
stakeholder from the company ex
, cept certain rights of which the il
, sued stock is evidence, but whicl
can not be enforced against tn
corporation without registration
Colonial bank versus Cady. Wha
: hold has the company upon the is
sued stock? Only enough to pro
, tect it in the collection of assess
ments, calls and the like, AMI L
protect the validity of certain cor
porate acts, for which purpose
registration indicate the true own
5 CONTINUED on Page Four.)