Strong v. . Brooklyn Cross-Town R.R. Co.
New York Court of Appeals
Appeal from judgment of the General Term of the City Court of Brooklyn, entered upon an order made May 2, 1882, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court on trial at Special Term. This action was brought by plaintiff as a stockholder of the defendant, to have certain certificates of indebtedness issued by it declared illegal, and to restrain it from paying the same or the interest thereon.
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Appeal from judgment of the General Term of the City Court of Brooklyn, entered upon an order made May 2, 1882, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court on trial at Special Term. This action was brought by plaintiff as a stockholder of the defendant, to have certain certificates of indebtedness issued by it declared illegal, and to restrain it from paying the same or the interest thereon. The capital stock of a corporation is that sum which has been actually paid in by subscribers to the capital stock for the purpose of the trade or business in…
1Opinion of the CourtRapallo, J.
The defendant is. a horse railroad company, organized under the general laws of this State, and the plaintiff is the holder of fifty shares of its capital stock, of one hundred dollars each.
The company was organized in the year 1868, with a capital of $300,000. In 1874 its capital was increased to $400,000. In June, 1878, under chapter 264 of the Laws of 1878, it reduced its capital to $200,000 by a vote of its directors and stockholders, and the proceedings prescribed by that act, and immediately thereafter the directors caused to be issued certificates of indebtedness, bearing interest, for…
2Cases cited1 opinion
- Seeley v. New York National Exchange BankNew York Court of Common Pleas · 1878
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- Shoemaker v. Washburn Lumber Co.Wisconsin Supreme Court · 1897
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