Clem v. Newcastle & Danville Railroad

The complaint charges that Clem, who was the defendant, on the first of August, 1854, made an agreement in writing, as follows:

“We, the undersigned, agree to pay 50 dollars to the president and directors of the Newcastle and Danville Railroad Company, for each share of stock annexed to our names, subject to the assessment of the board of directors, not exceeding 5 per cent, of the amount subscribed every sixty days. No assessment except 1 per cent, to be made until the subscription to the capital stock of the road amounts to 600,000 dollars. These subscriptions are made on the condition that…