Boynton v. . Andrews
New York Court of Appeals
Appeal from judgment of the General Term of the City Court of Brooklyn, affirming a judgment in favor of plaintiffs entered upon a verdict. This action was brought against defendant as a stockholder of The Empire Manufacturing and Planing Mill Company, a corporation organized under the general manufacturing law of this State (chap. 40, Laws of 1848), to recover a debt due from the corporation upon the ground that the stock was not full paid.
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Appeal from judgment of the General Term of the City Court of Brooklyn, affirming a judgment in favor of plaintiffs entered upon a verdict. This action was brought against defendant as a stockholder of The Empire Manufacturing and Planing Mill Company, a corporation organized under the general manufacturing law of this State (chap. 40, Laws of 1848), to recover a debt due from the corporation upon the ground that the stock was not full paid. The capital stock of the company was $100,000, as shown by the certificate filed, which stated that the whole amount thereof was issued in payment for…
1Opinion of the CourtMiller, J.
The second section of the act of 1853 (chap. 333), which amends the act authorizing the formation of corporations for manufacturing and other purposes (chap. 40, S. L. 1848), confers authority upon the trustees of any such company to purchase property “ necessary for their business and to issue stock to the amount of the value thereof in payment therefor.” The words “ value thereof” evidently mean the fair valuation of the property, considering the purposes for which it is to be used, the nature of the business for which it is purchased and for the prosecution of which the corporation is…
2Cases cited1 opinion
- Schenck v. . AndrewsNew York Court of Appeals · 1874
3Cited by30 opinions
- Rowell v. . JanvrinNew York Court of Appeals · 1896
- Downey v. . FinucaneNew York Court of Appeals · 1912
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Elyton Land Co. v. Birmingham Warehouse & Elevator Co.Supreme Court of Alabama · 1890
- Adamant Manufacturing Co. of America v. WallaceWashington Supreme Court · 1897
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