Purton v. New Orleans & Carrollton Railroad
Supreme Court of Louisiana
APPEAL from the Fifth District Court of New Orleans, Buchanan, J. The facts of this case are .stated fully .in the-opinion infra: There exist three classes of stockholders i 1st. Those who have paid $50 per share, in conformity with the call of the board of directors. 2d. Those who .have paid $50, the regular-call, and $50 to complete their share to $100, in virtue of a resolution of the board, authorising them to do so.
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APPEAL from the Fifth District Court of New Orleans, Buchanan, J. The facts of this case are .stated fully .in the-opinion infra: There exist three classes of stockholders i 1st. Those who have paid $50 per share, in conformity with the call of the board of directors. 2d. Those who .have paid $50, the regular-call, and $50 to complete their share to $100, in virtue of a resolution of the board, authorising them to do so. Finally, this second class of stock • holders is further divided into another composed of those who, having paid $100 per share, bought property of the institution and paid…
1Opinion of the Court
The judgment of the court was pronounced by
Rost, J.*
This cgse involves a contest between the different classes of stockholders of the New Orleans and Carrollton Railroad Company, as to the proportion in which the capital stock .should bs refunded to them.
Th.e New Orleans and Carrollton Railroad Company was chartered in 1833, with a capital of $30,0,000, diyided into shares of $100, on each of which $5 were to be paid on subscription, and the residue in such instalments and at such times as might be required by the president and directors of said company, provided that at least ten day’s…
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