Commonwealth v. Union Fire & Marine Insurance
Massachusetts Supreme Judicial Court
This was a motion for a rule upon the defendants to show cause why the Solicitor-General should not be directed to file an information in the nature of a quo warranta against them, that the said company might be dissolved, and their corporate powers be adjudged void.
1Opinion of the Court
The opinion of the Court was afterwards delivered to the following effect by
Parsons, C. J.
This corporation was created by the statute of 1806, c. 89., which required the holders of the corporate stock to pay fifty per cent, of their subscriptions within sixty days after the first meeting of the company; and that no insurance on any one risk should be made for a larger sum than ten per cent, of the capital stock actually paid in.
The parties applying for this rule have alleged that the corporation have been guilty of malfeasance, in not requiring from the members payment of the fifty per cent,…
2Cited by42 opinions
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- Swan v. WilliamsMichigan Supreme Court · 1852
- Boston Elevated Railway Co. v. CommonwealthMassachusetts Supreme Judicial Court · 1942
- Ulmer v. Lime Rock RailroadSupreme Judicial Court of Maine · 1904
- Clark v. CommonwealthSupreme Court of Pennsylvania · 1858
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