Ryder v. Alton & Sangamon Railroad
Illinois Supreme Court
This was an action of assumpsit, instituted by the appellees in the court below, to recover the assessments made on fifty-shares of stock which they alleged had been subscribed by the appellant, to the capital stock of said company.
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This was an action of assumpsit, instituted by the appellees in the court below, to recover the assessments made on fifty-shares of stock which they alleged had been subscribed by the appellant, to the capital stock of said company. The declaration contains six counts, and alleges that the appellant, at two different times, to wit, on the 8th day of May, 1847, subscribed his name for twenty shares of said capital stock, and afterwards for thirty shares of said capital stock, making fifty shares, in the subscription book opened by the commissioners, under the following written heading in said…
1Opinion of the CourtTreat, C. J.
The second plea was not relied on at the argumént, and need not be further noticed.
The third plea presents no defence to the action. The city of Alton and individuals residing in the city of New York, had a clear right to become stockholders in the company. The commissioners possessed no power under the charter to exclude them, especially as there was no excess of subscriptions to the capital stock. The city had also a clear right to give her proxy to whom she pleased. It is none of the business of one stockholder, for whom the votes of another shall be cast. In this respect, each is at' full…
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- Clark v. Monongahela Navigation Co.Supreme Court of Pennsylvania · 1840
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