North Milwaukee Town Site Co. No. 2 v. Bishop
Wisconsin Supreme Court
Appeal from a judgment of the superior court of Milwaukee county: Geo. E. SutiiuRland, Jndge. The plaintiff is a corporation. The defendant is the owner •of fifty-eight shares of its capital stock, of the par value of §100, upon which assessments to the amount of §54 have been paid.
Read the full summary
Appeal from a judgment of the superior court of Milwaukee county: Geo. E. SutiiuRland, Jndge. The plaintiff is a corporation. The defendant is the owner •of fifty-eight shares of its capital stock, of the par value of §100, upon which assessments to the amount of §54 have been paid. On April 20, 1896, the plaintiff’s board of directors adopted the following resolution: “ Resolved, that a call be, and hereby is, made upon the unpaid portion of subscription for stock in this company, amounting to $46 per share, the same to be paid thirty days from date, either in cash or by a promise to pay in…
1Opinion of the CourtBardeen, J.
The judgment of nonsuit was justified upon either of two grounds:
1. The proof fails to show a valid call. The resolution of the board of directors provides that the stockholder may pay either in cash or •“ by a promise to pay in the form of a land contract or contracts.” ■ Just what was intended by the statement quoted is not apparent. Its indefiniteness is sufficient to condemn it. The resolution fails to show at whose option the shareholder may pay in cash or land contract. It prescribes no conditions, and fixes no terms by which either the board of directors or stockholders are to be…
2Cases cited2 opinions
- In re KlausWisconsin Supreme Court · 1886
- Germania Iron Mining Co. v. KingWisconsin Supreme Court · 1896
3Cited by6 opinions
- Diedrick v. HelmSupreme Court of Minnesota · 1944
- Cummings v. State Ex Rel. WallowerSupreme Court of Oklahoma · 1915
- Arizona Southwest Bank v. OdamArizona Supreme Court · 1931
- Atten v. Modern Brotherhood of AmericaSupreme Court of Iowa · 1906
- Renn v. United States Cement Co.Indiana Court of Appeals · 1905
1 more not listed; retrieve them via the Exa API.