Haywood and Pittsboro' Plank Road Co. v. . Bryan
Supreme Court of North Carolina
Action of debt, tried before SaundeRS, J., at the Spring Term, 1858, of Chatham Superior Court. The action was brought to recover the balance due upon a subscription to the Haywood and Pittsborough Plank Road Company, which was $400 00, with the privilege of paying the same in sawed lumber.
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Action of debt, tried before SaundeRS, J., at the Spring Term, 1858, of Chatham Superior Court. The action was brought to recover the balance due upon a subscription to the Haywood and Pittsborough Plank Road Company, which was $400 00, with the privilege of paying the same in sawed lumber. Upon making such subscription, the defendant did not pay the preliminary per centage required by the charter ; his participation in the affairs of the company was by proxies appointed, upon two occasions, to act in the meeting of stockholders, representing eight shares. The writings, by which the proxies…
1Opinion of the CourtBattle, J.
In considering the objections urged by the defendant, on the trial, against the right of the plaintiff to recover, we will notice first, that which denies validity to his subscription, because of his not having paid one dollar, on each share, at the time when he made it. The plaintiff owes its existence as a corporation to the act of 1852, ch. 108, the three first sections of which, prescribe the manner in which it shall be formed, and the name which it shall bear. The fourth section then enacts as follows : “ That upon any subscription of stock as aforesaid, there shall be paid at the time…
2Cited by3 opinions
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