Knapp v. River Raisin & Grand River Railroad
Michigan Court of Chancery
This was a hearing on general demurrer. The bill was filed to stay proceedings at law, and to have a certain note and certificate oí deposite delivered up to be cancelled.
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This was a hearing on general demurrer. The bill was filed to stay proceedings at law, and to have a certain note and certificate oí deposite delivered up to be cancelled. The bill states, that, by the act incorporating the River Raisin and Grand River Railroad Company, the stockholders were authorized to establish a hank at Tecumseh, with a capital of $100,000, to be divided into 2000 shares of $50 each; the stockholders of the bank to be a body corporate by the name of the President, Directors and Company of the Bank of Tecumseh. That the bank was to be managed by the president and…
1Opinion of the Court
The Chancellor.
By the twenty-second section of the act incorporating the railroad company, and authorizing the establishment of the bank, one tenth part of the amount of each share of bank stock is required to be paid in specie at the time of subscribing, and the balance in such instalments, and at such times, as the directors should require, they giving sixty days’ notice thereof, and no one instalment to exceed five dollars on a share. It is also provided, by the same section, “that no note or other evidence of debt shall be discounted or received by the directors, in payment of any…
2Cases cited1 opinion
- Woodworth v. JanesNew York Supreme Court · 1800