McKinney's consolidated laws of New York annotated Volume 6; with annotations from state and federal courts and state agencies

 
9780217782951: McKinney's consolidated laws of New York annotated Volume 6; with annotations from state and federal courts and state agencies

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ...thereto and became bound thereby. The adoption by the land company of the contract between the bondholders was a reasonable means of carrying into effect its authorized objects, and, after knowingly receiving the benefit of the arrangement, ' it cannot be permitted to deny that it agreed to assume the corresponding burdens.'" Rogers v. New York, etc, Land Co., (1892) 134 N. Y. 197, 32 N. E. 27, reversing 56 Hun 649, mem. 9 N. Y. S. 886, 31 N. Y. St. Rep. 872. And in Seymour v. Spring Forest Cemetery Ass'n, (1895) 144 N. Y. 333, 39 N. E. 365, 26 L. R. A. 859, it was held that an agreement between incorporators owning real estate, that the corporation when formed should purchase the land at a fixed price, was ratified and adopted by the corporation by the acceptance of the conveyance and the management and sale of the property during the succeeding years. So also, where an electric light company received and used poles purchased for it by a promoter before its incorporation, it was held liable on the contract for payment. Davis v. Valley Electric Light Co., (1899) 61 N. Y. S. 580. Acceptance of services of employee.--The acceptance of the services of an employee engaged by the promoter, and the failure to notify him of its intention to disavow the contract, has been held to amount to a ratification of the contract. Mesinger v. Mesinger Bicycle Saddle Co., (1899) 44 App. Div. 26, 60 N. Y. S. 431. Accordingly, a contract of employment made by the incorporators before organization of the company was held to have been ratified where the corporation recognized the terms of the contract relating to the amount of the salary under certain circumstances and referred the contract to certain of its officers for guidance in reporting on the question. Burke v. Lincol...

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