Pietsch v. Krause
Wisconsin Supreme Court
Appeax, from an order of tbe superior court of Milwaukee county: J. 0. Ludwig, Judge. This is an appeal from an order overruling a demurrer to-the amended complaint brought by the members and subscribers to the capital stock of the defendant corporation for the benefit of the corporation and all its stockholders similarly situated who choose to come in and be made parties, against the defendants, who were promoters of the corporation.
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Appeax, from an order of tbe superior court of Milwaukee county: J. 0. Ludwig, Judge. This is an appeal from an order overruling a demurrer to-the amended complaint brought by the members and subscribers to the capital stock of the defendant corporation for the benefit of the corporation and all its stockholders similarly situated who choose to come in and be made parties, against the defendants, who were promoters of the corporation. The original complaint was held- to be insufficient as against the defendant Krause, and so the order overruling the demurrer to the complaint was reversed by…
1Opinion of the CourtCassoday, C. J.
The first ground of demurrer is that the amended complaint fails to state a cause of action in equity in favor of the plaintiffs for the benefit of the corporation. This is put upon the ground “that none of the plaintiffs are holders of any valid stock in the corporation”; that “every certificate of stock held by every plaintiff is, under our stat*349ute, absolutely void.” Tbe reason for tbis claim is that tbe respective plaintiffs only paid for tbeir stock at tbe rate of $34 per share. In support of sucb contention counsel rely upon tbe statute, wbicb declares:
“No corporation shall issue any…
2Cases cited12 opinions
- Flynn v. . Brooklyn City R.R. Co.New York Court of Appeals · 1899
- Van Brocklen v. . SmeallieNew York Court of Appeals · 1893
- Burrall v. . Bushwick Railroad CompanyNew York Court of Appeals · 1878
- Pittsburg Mining Co. v. SpoonerWisconsin Supreme Court · 1889
- Clarke v. Lincoln Lumber Co.Wisconsin Supreme Court · 1884
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3Cited by5 opinions
- Luther v. C. J. Luther Co.Wisconsin Supreme Court · 1903
- Tyler v. Dane CountyDistrict Court, W.D. Wisconsin · 1923
- Citizens Bank of Clinton v. JonesWisconsin Supreme Court · 1903
- Simon v. WeaverWisconsin Supreme Court · 1910
- Smith v. BeckerWisconsin Supreme Court · 1906