Taylor v. Philadelphia & Reading R.
United States Circuit Court
Petition by a railroad company then in the hands of receivers, presented to the court which had appointed the receivers, and setting forth that owing to an accidental mistake a call issued for the annual meeting of stockholders for the election of officers was inconsistent with the by-laws, and that owing to the temporary absence of the president on business for the company and to other reasons it was desirable to postpone the holding of such meeting.
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Petition by a railroad company then in the hands of receivers, presented to the court which had appointed the receivers, and setting forth that owing to an accidental mistake a call issued for the annual meeting of stockholders for the election of officers was inconsistent with the by-laws, and that owing to the temporary absence of the president on business for the company and to other reasons it was desirable to postpone the holding of such meeting. The petitioners prayed for leave to withdraw the call for the meeting, and to hold such meeting after the return of the president, at a day to…
1Opinion of the Court
McKennan, C. J.,
(orally.) In the present condition of my mind I must refuse this application. The custody of the property of this railroad devolves upon the receivers appointed by the court. They are custodians of it for the benefit of the creditors. As the object of the whole proceeding is the preservation of the property for the benefit of the creditors, I do not think the court has any other function to exercise than that which will assist in carrying out the object to which I have referred, nor do 1 think that the court should stretch its power beyond that, however desirable it might he *386fo…
2Cited by2 opinions
- In Re J. P. Linahan, Inc.Court of Appeals for the Second Circuit · 1940
- Valley International Properties, Inc. v. Los Campeones, Inc.Court of Appeals of Texas · 1978