Manchester Street Railway v. Williams
Supreme Court of New Hampshire
Bill in Equity, for an injunction. Facts found, and case transferred from the May term, 1901, of the superior court, by Wallace, C. J. Tlie defendants are the executors of the estate of Charles Williams, tlie Massabesic Horse Railroad, and Wallace D. Lovell and others who assume to act as directors of said railroad. In 1887 the plaintiff corporation, then known as the Manchester Horse Railroad, had built and was operating in Manchester about nine miles of street railway.
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Bill in Equity, for an injunction. Facts found, and case transferred from the May term, 1901, of the superior court, by Wallace, C. J. Tlie defendants are the executors of the estate of Charles Williams, tlie Massabesic Horse Railroad, and Wallace D. Lovell and others who assume to act as directors of said railroad. In 1887 the plaintiff corporation, then known as the Manchester Horse Railroad, had built and was operating in Manchester about nine miles of street railway. Lake Massabesic, situated partly in Manchester and partly in Auburn, was then and still is a popular resort for the…
1Opinion of the CourtWalker, J.
The subscription rights in the Massabesic company are property rights; and in their entirety they represent the corporate property and franchise in their beneficial uses. Until the capital stock is paid in, the management of the corporate af- . fairs is vested in the incorporated partners or subscribers and their assigns; and the right to participate in such management, with the ultimate prospect of the dividends upon the invested capital, is a valuable right which has its origin in the contract of each subscriber with all the others. Blue Mt. Forest Ass’n v. Borrowe, ante, p. 69. When…
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