Vicksburg, Shreveport & Texas Railroad v. McKean

The defendant subscribed to forty shares of stock in the Vicksburg, Shreveport and Texas Railroad Company. At the time of subscription, the defendant did not pay the five per cent, upon the subscription as contemplated by the third section of the original Act, recited in the preamble of the Act of 28th April, 1853, incorporating said company. Acts 1853. p. 183.

The defendant being inarrearages on the instalments called in, to the amount of $550 00, the present action was instituted to enforce the collection of the same.

The defendant resists the present action in this court, on three grounds,…