New-York & Sharon Canal Co., & Sharon Canal Co. v. Fulton Bank
New York Supreme Court
This was an action of assumpsit, tried at the New-York circuit, in November, 1829, before the Hon. Ogden Edwards, one of the circuit judges. The declaration contained the common money counts, and the pleas were the general issue and payment. On the trial of the cause, the incorporation of the New-York and Sharon Canal Company by the legislature of the state of New-York, and of the Sharon Canal Company, by the legislature of Connecticut, was duly proved.
Read the full summary
This was an action of assumpsit, tried at the New-York circuit, in November, 1829, before the Hon. Ogden Edwards, one of the circuit judges. The declaration contained the common money counts, and the pleas were the general issue and payment. On the trial of the cause, the incorporation of the New-York and Sharon Canal Company by the legislature of the state of New-York, and of the Sharon Canal Company, by the legislature of Connecticut, was duly proved. A witness for the plaintiffs testified, that as a commissioner for taking up subscriptions to the capital stock of the two companies, the…
1Opinion of the Court
By the Court,
Savage, Ch. J.
It cannot be necessary to decide whether it is in the power of the two corporations, who are plaintiffs, to consolidate their stock, or to form a partnership. General principles are against the power of corpora*415tions to do such acts. They have no powers but such as are granted, and such as are necessarily incident to the grant made to them. Corporations at common law have certain powers, but not such as would authorize the forming of a partnership, or the consolidation of two corporations into one.
These two companies had certain monies in the hands of their officer ;…
2Cited by16 opinions
- People v. North River Sugar Refining Co.New York Court of Appeals · 1890
- Witt v. City of San FranciscoCalifornia Supreme Court · 1852
- American Loan & Trust Co. v. Minnesota & Northwestern RailroadIllinois Supreme Court · 1895
- State ex rel. Collings v. BeckIndiana Supreme Court · 1882
- French v. DonohueSupreme Court of Minnesota · 1882
11 more not listed; retrieve them via the Exa API.