Caley v. Philadelphia & Chester County Railroad
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Delaware county: Of July Term 1875, No. 7. This was an action of assumpsit brought June 4th 1873, by The Philadelphia and Chester County Railroad Company against David P. Caley. The action was to recover an instalment of $5 per share on ten shares of the stock of the plaintiffs. By the Act of March 17th 1871 (Pamph.
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Error to the Court of Common Pleas of Delaware county: Of July Term 1875, No. 7. This was an action of assumpsit brought June 4th 1873, by The Philadelphia and Chester County Railroad Company against David P. Caley. The action was to recover an instalment of $5 per share on ten shares of the stock of the plaintiffs. By the Act of March 17th 1871 (Pamph. L. of 1872, p. 1269), commissioners were appointed to open books and receive subscriptions for the plaintiffs’ company, by the name of The Philadelphia, Delaware and Chester Central Railroad Company, subject to the provisions of the General…
1Opinion of the CourtJustice Gordon
Where one subscribes to the stock of a public corporation prior to the procurement of its charter, such subscription is to be regarded as absolute and unqualified, and any condition attached thereto is void: Bedford Railroad Co. v. Bowser, 12 Wright 29. The reason for this rule is obvious ; the commissioners, who are appointed to receive such subscriptions, are not the accredited agents of the corporation, for it is not yet in being, but are rather the agents of the public, acting under limited and definite powers, which every one is bound to know, and if he be misléd by representations which…
2Cited by14 opinions
- Singer Manufacturing Co. v. ChristianSupreme Court of Pennsylvania · 1905
- Security Trust Co. v. StappSupreme Court of Pennsylvania · 1938
- Morgan v. PhillipsSupreme Court of Pennsylvania · 1956
- Danish Pride Milk Products Co. v. MarcusSupreme Court of Pennsylvania · 1922
- McNeile v. CridlandSupreme Court of Pennsylvania · 1895
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