Coleman v. Columbia Oil Co.
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Allegheny county. The Columbia Oil Company was incorporated by the legislature, with a capital stock of 10,000 shares. April 9th 1863, the company purchased 400 shares of its stock from Charlotte Wagefarth, at which time Coleman was the owner of 600 shares. Prior to October 1st 1863, he had transferred 500 shares, leaving 100 shares still owned by him.
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Error to the Court of Common Pleas of Allegheny county. The Columbia Oil Company was incorporated by the legislature, with a capital stock of 10,000 shares. April 9th 1863, the company purchased 400 shares of its stock from Charlotte Wagefarth, at which time Coleman was the owner of 600 shares. Prior to October 1st 1863, he had transferred 500 shares, leaving 100 shares still owned by him. January 13th 1864, by resolutions of the stockholders the 400 shares purchased from Wagefarth were divided pro rata among the stockholders, except 8 shares, which were sold at $83 per share, and the…
1Opinion of the Court
The opinion of the coqrt was delivered, by
Woodward, C. J.
The plaintiff owned 600 shares of the capital stock of the company, Avhen the company, on the 9th of April 1863, by regular corporate action, purchased 400 shares of Mrs. Wagefarth. The company continued to hold these 400 shares until the 13th January 1864, Avhen, by formal resolution of the stockholders, they were divided among the then stockholders pro rata, upon the basis of the shares then held by the stockholders respectively. BetAveen the time of the purchase and the time of the distribution of the 400 shares, the plaintiff had…
2Cited by3 opinions
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