Walker v. Devereaux
New York Court of Chancery
This was an application for an- injunction, to restrain the defendants from proceeding to hold an election for directors of the Utica and Schenectady Rail Road Company; and also to restrain them from disposing of such oí the stock in the company as had been apportioned to themselves, or in which they had or might become interested by the apportionment thereof to other persons.
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This was an application for an- injunction, to restrain the defendants from proceeding to hold an election for directors of the Utica and Schenectady Rail Road Company; and also to restrain them from disposing of such oí the stock in the company as had been apportioned to themselves, or in which they had or might become interested by the apportionment thereof to other persons. The complainant’s bill, after setting forth the substance of the five first sections of the act authorizing the incorporation of the rail road company, {Laws of 1833, p. 462,) stated, in substance, that the…
1Opinion of the Court
The Chancellor.
The act under which the commissioners opened books of subscription for the capital stock of the Utica and Schenectady Rail Road Company, did not create a corporation, eo instanti, when that act took effect as a law. It only constituted such persons a body corporate as should thereafter become stockholders, in the manner prescribed in the act. If the whole corporate stock, and no more, had been subscribed, within the three days during which' the commissioners were bound to keep the books open, then those persons who had thus subscribed, and paid their money to the commissioners,…
2Cited by19 opinions
- Baird v. . Mayor, Etc., of City of N.Y.New York Court of Appeals · 1884
- People's Railroad v. Memphis RailroadSupreme Court of the United States · 1869
- Crocker v. CraneNew York Supreme Court · 1839
- Savage v. ParkerSupreme Court of Florida · 1907
- Gibbons v. Mobile & Great Northern RailroadSupreme Court of Alabama · 1860
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