Bole v. Murray
Supreme Court of Pennsylvania
Appeal, No. 3, Oct. T., 1911, by defendant, W. N. Murray, from decree of C. P. No. 2, Allegheny Co., April T., 1908, No. 1,068, on bill in equity in case of George M. Bole, Receiver et al., v. The Belden Automobile Transmission Company et al. and W. N. Murray. Bill in equity to recover a stock subscription.
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Appeal, No. 3, Oct. T., 1911, by defendant, W. N. Murray, from decree of C. P. No. 2, Allegheny Co., April T., 1908, No. 1,068, on bill in equity in case of George M. Bole, Receiver et al., v. The Belden Automobile Transmission Company et al. and W. N. Murray. Bill in equity to recover a stock subscription. From the record it appeared that W. N. Murray subscribed to seventy-five shares of the stock of the Belden Automobile Transmission Company prior to its incorporation, and ten shares of the stock subsequent to its incorporation. Murray claimed that the seventy-five shares had been paid in…
1Opinion of the Court
Opinion by
Mr. Justice Stewabt,
We may concede that a corporation, once it has been formed and is actually being operated, may accept in payment of an original and unconditioned stock certificate its fair equivalent in property or services. Indeed, so much was expressly decided by this court in Shannon v. Stevenson, 173 Pa. 419, where it was said: “There is no inherent incapacity of a corporation to purchase property or labor and pay for it by stock instead of money. If the corporation here had paid the defendant $1,000, in cash, to leave his former position and undertake his presidency, on…
2Cases cited1 opinion
- Shannon v. StevensonSupreme Court of Pennsylvania · 1896
3Cited by5 opinions
- Schmidt v. PaulSupreme Court of Pennsylvania · 1954
- Zweifach v. SCRANTON LACE COMPANYDistrict Court, M.D. Pennsylvania · 1957
- Krebs v. OberrenderSupreme Court of Pennsylvania · 1922
- Bole v. Belden Automobile Transmission Co.Supreme Court of Pennsylvania · 1913
- In re Schuylkill-Heim Brewing Co.District Court, E.D. Pennsylvania · 1913