Reese v. Bank of Montgomery County
Supreme Court of Pennsylvania
Error to the Common Pleas of Montgomery county. Assumpsit, by Reese against The Bank, to recover damages for refusing to allow him, as a stockholder, to share in the distribution of a portion of the capital stock which remained untakén at the time of the incorporation of the bank.
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Error to the Common Pleas of Montgomery county. Assumpsit, by Reese against The Bank, to recover damages for refusing to allow him, as a stockholder, to share in the distribution of a portion of the capital stock which remained untakén at the time of the incorporation of the bank. The bank was incorporated under the Act of Assembly of 21st March 1814, P. L. 154, and continued in operation by virtue of subsequent iaws, 22d March 1824, P.L. 5; 7th April 1832, P. L. 360; 18th April 1848, P. L. 318; 6th April 1849, P. L. 433. It was authorized to have a capital stock of eight thousand shares of…
1Opinion of the Court
The opinion of the court was delivered by
Lowrie, J.
The law instituting this bank contemplates that it may, at its start, not have the whole of its capital stock subscribed ; and the governor is authorized, on a certain portion of it being subscribed and paid, to issue the letters patent of incorporation in favor of the then subscribers, and of “ all those who shall afterwards subscribe,” so far as to make up the full capital. It was not at all the purpose of this provision to define the persons who should be entitled, after the issuing of the charter, to subscribe ; but only to say that the…
2Cited by7 opinions
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- Strickler v. McElroySuperior Court of Pennsylvania · 1911
- Tennant v. EpsteinAppellate Court of Illinois · 1933
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