Greenville & Columbia Railroad v. Cathcart
Court of Appeals of South Carolina
Before Frost, X, at Richland, Fall Term, 1849. The plaintiffs brought suit by sum. pro. to recover certain instalments, of one dollar each, on the subscription of the defendant to the stock of the company.
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Before Frost, X, at Richland, Fall Term, 1849. The plaintiffs brought suit by sum. pro. to recover certain instalments, of one dollar each, on the subscription of the defendant to the stock of the company. The number of shares required by the charter for that purpose having been subscribed, the company was organized and officers elected at a meeting of the stockholders in March, 1847. The books were ordered to be opened to receive such additional subscriptions as might be obtained. The subscription book at Columbia was produced, entitled “Book opened at Columbia, for subscription to the stock…
1Opinion of the Court
Curia, per
Evans, J.
The question which has been argued in this Court is, whether the plaintiffs, under their charter, can maintain this action, and to this alone has the attention of the Court been directed. There is no difference of opinion on the proposition that a corporation, being a mere legal entity — a factitious creation of the law — we must look to its charter for the evidence of its existence and extent of its rights. The general rule is, that it has no powers, except those granted. The charter of this company, like other charters, gives expressly the power to sue and be sued; and,…
2Cases cited5 opinions
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