Boston, Barre & Gardner Railroad v. Wellington
Massachusetts Supreme Judicial Court
Contract to recover five assessments, each of twenty per cent., on fifty shares of the plaintiff’s capital stock subscribed for by the defendant.
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Contract to recover five assessments, each of twenty per cent., on fifty shares of the plaintiff’s capital stock subscribed for by the defendant. In the Superior Court the case was submitted upon the following agreed statement of facts: The plaintiff was incorporated as the Barre and Worcester Railroad Company, by St. 1847, c. 276, and received its present name by St. 1849, e. 55. At the first meeting of the corporation, held May 19, 1847, by-laws were adopted, the ninth article of which was as follows': “ The capital stock of the corporation shall consist of seven thousand shares of one…
1Opinion of the CourtMorton, J.
The original charter authorized the plaintiff to build a road from Worcester through Princeton to Barre, and also a road from Princeton to Gardner. It provided that the *85capital stock should not exceed ten thousand shares, the number to be determined from time to time by the directors, and that no assessment should be laid thereon greater in the whole than $100 on each share. St. 1847, c. 276. By the act of 1853, c. 336, § 2, it is provided that the corporation may “ construct their road by sections ; ” the first section to extend from Worcester to Princeton ; the second from Princeton to…
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