Croft v. Lumpkin Chestatee Mining Co.
Supreme Court of Georgia
Equity. Corporations. Stockholders. Before Judge Lester. Lumpkin Superior Court. April Term, 1878. On September 9th, 1876, Croft, as executor of Cameron, and another, Stephenson, filed their bill against the Lump-kin Chestatee Mining Company, making, in 'brief, this case: The defendant was incorporated by the General Assembly in the year 1866, with a capital stock of $1000,000.00, of which complainants own 5,225 shares, of the par value of $104,500.00. It acquired lands of…
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Equity. Corporations. Stockholders. Before Judge Lester. Lumpkin Superior Court. April Term, 1878. On September 9th, 1876, Croft, as executor of Cameron, and another, Stephenson, filed their bill against the Lump-kin Chestatee Mining Company, making, in 'brief, this case: The defendant was incorporated by the General Assembly in the year 1866, with a capital stock of $1000,000.00, of which complainants own 5,225 shares, of the par value of $104,500.00. It acquired lands of large value for mining purposes, and worked thereon during the years 1867 and 1868, taking therefrom gold and other…
1Opinion of the Court
Bleckly, Justice.
Eor the chartered rights of this corporation, see acts of 1866, pp., 100, 106 ; acts of 1876, p. 238. The charter has many years to run ; no forfeiture has been adjudged; no surrender has been made. The court is not called upon to presume a surrender from non-user and lapse of time, for the bill treats the corporation as a living, subsisting entity. The complaint is that it is indolent, inert, lazy — that it won’t work. It has valuable property that might be made profitable to the stockholders, but the stockholders are scattered, and cannot be brought together so as to secure…
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