Madden v. Penn Electric Light Co.
Supreme Court of Pennsylvania
Appeal, No. 404, Jan. T., 1896, by plaintiffs,'from decree of C. P. No. 2, Phila. Co., Dec. T., 1895, No. 607, dismissing bill in equity. Bill in equity by stockholders against a foreign corporation alleging corporate mismanagement. Demurrer to bill. The averments of the bill and the grounds of the demurrer are stated in the opinion of the Supreme Court. The court sustained the demurrer and dismissed the bill.
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Appeal, No. 404, Jan. T., 1896, by plaintiffs,'from decree of C. P. No. 2, Phila. Co., Dec. T., 1895, No. 607, dismissing bill in equity. Bill in equity by stockholders against a foreign corporation alleging corporate mismanagement. Demurrer to bill. The averments of the bill and the grounds of the demurrer are stated in the opinion of the Supreme Court. The court sustained the demurrer and dismissed the bill. Hrror assigned was in sustaining the demurrer and in dismissing the bill.
1Opinion of the Court
Opinion by
Mr. Justice Dean,
The Penn Electric - Light Company is a New Jersey corporation, with at first a capital of $100,000, divided into shares of the par value of $1.00 each, which was afterwards increased to $200,000, and subsequently still further increased to $1,000,000. The city of Philadelphia, by ordinance, granted it the right to occupy by conduits for electric lighting about thirteen miles of its streets, extending from the Delaware to the Schuylkill, and from Race to South streets, and at the same time authorized it to lease its conduits to others. In the beginning of July, 1887,…
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