Cooper v. Frederick
Supreme Court of Alabama
Error to Dallas Circuit Court. The plaintiff in error, as surviving partner, having recovered a judgment against the Selma and Tennessee Rail Road Co. for $3,398 73, and having made the necessary affidavit, sued out garnishee process against the defendant in error, who being duly summoned, appeared and answered, “ that he is, and has been, since January, 1837, a member of said company, having taken twenty shares of $100 each ; by the articles subscribed, he bound himself to…
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Error to Dallas Circuit Court. The plaintiff in error, as surviving partner, having recovered a judgment against the Selma and Tennessee Rail Road Co. for $3,398 73, and having made the necessary affidavit, sued out garnishee process against the defendant in error, who being duly summoned, appeared and answered, “ that he is, and has been, since January, 1837, a member of said company, having taken twenty shares of $100 each ; by the articles subscribed, he bound himself to pay the sum annexed to his name towards the capital stock, in conformity with the provisions of the charter, passed 22d…
1Opinion of the CourtOrmond, J.
The only question presented -upon the record, is the validity of the resolution of the board of directors, authorizing the members of the company to relinquish a portion of their stock, on condition of paying all the calls the company might subsequently make upon the residue.
! Considering this resolution in itself, we entertain no doubt whatever, that it was such an act as the company might lawfully do. It is a contract entered into by the corporation, with its members, which does not carry on its face any marks of illegality, or impropriety. It may have been, and probably was, eminently…
2Cases cited1 opinion
- Bingham v. RushingSupreme Court of Alabama · 1843
3Cited by4 opinions
- Levy v. Magnolia Lodge, No. 29, I. O. O. F.California Supreme Court · 1895
- Paschall v. WhitsettSupreme Court of Alabama · 1847
- Jackson v. Ariton Banking Co.Supreme Court of Alabama · 1926
- Skelly v. Private Coachmen's Benevolent & Charitable SocietyNew York Court of Common Pleas · 1884