Proprietors of the Cabot & West Springfield Bridge v. Chapin
Massachusetts Supreme Judicial Court
The plaintiffs were incorporated by an act of the legislature {St. 1846, c. 160,) passed on the 27th of March, 1846, for the purpose of building a bridge over the Connecticut river between Springfield and West Springfield.
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The plaintiffs were incorporated by an act of the legislature {St. 1846, c. 160,) passed on the 27th of March, 1846, for the purpose of building a bridge over the Connecticut river between Springfield and West Springfield. On the 27th of May, 1846, a meeting of the persons named in the act and their associates was held ; and, at an adjournment thereof, held on the 17th of August following, it was voted to open books for the subscriptions to the stock of the bridge ; that the amount of each share should be $100 ; and that the number of shares should be four hundred. In pursuance of these…
1Opinion of the CourtDewey, J.
The true construction of the contract of the defendants is, that they were to take and pay for three shares in a stock company, the capital stock of which was to consist of four hundred shares of $100 each. Before the making of the subscription by the defendants, the capital stock and the number of shares had been fixed by the corporation. The number of shares, and the sum to be paid for each being thus fixed, and inserted in the articles of subscription, the subscription was to that extent a conditional one; and every subscriber was at liberty to refuse to proceed with the proposed…
2Cited by2 opinions
- Evans v. BrandonTexas Supreme Court · 1880
- Pierson v. MorganNew York Supreme Court · 1887