Pennell v. Lamar Insurance

The Lamar Insurance Company was incorporated by act of the General Assembly of the State. By their charter and amendments thereto they were authorized to increase their capital to $5,000,000. One-fifth of this stock w-as required to be paid down or within nine months, and the remainder of the stock was to be paid as the officers should make calls. It was further provided that if the j>aid-in capital should become impaired or diminished, the stockholders should be liable for the whole amount of their subscriptions. Somewhere about the last of the year 1869, or first of the year 1870, the…