In re Republic Ins.
District Court, N.D. Illinois
In bankruptcy. This was an application by Joseph R. Pay son, the assignee of the Republic Insurance Company of Chicago, bankrupt, for an order of court directing an assessment upon the stockholders of said company, for such a per-centage of the unpaid capital yet standing subject to call as should, in the judgment of the court, be necessary to liquidate the known liabilities of the bankrupt.
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In bankruptcy. This was an application by Joseph R. Pay son, the assignee of the Republic Insurance Company of Chicago, bankrupt, for an order of court directing an assessment upon the stockholders of said company, for such a per-centage of the unpaid capital yet standing subject to call as should, in the judgment of the court, be necessary to liquidate the known liabilities of the bankrupt. The petition was filed on the 20th day of December, 1872, and an order then entered that all stockholders should show cause on or before the 20th day of January, 1873, why the assessment asked for should…
1Opinion of the Court
BLODGETT. District Judge.
The substantial facts in the ease appear to be that said bankrupt insurance company was a duly organized corporation, by virtue of a special act of incorporation passed by the legislature of Illinois, approved February 18, 1865. and an act amendatory thereof, approved March 25. 1869; that the capital stock of said bankrupt was limited only by the discretion of its board of directors; that said board fixed said capital stock first at $1.060,000, and subsequently increased the same to $5,000,000, and subsequently to $7,500,000, but at no time in the history of the…
2Cited by1 opinion
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