Grosse Isle Hotel Co. v. I'Anson's Executors
Supreme Court of New Jersey
Suit on subscription for stock. The transaction was a Michigan transaction. The plaintiff was a corporation organized under the laws of that state, with a capital of $30,000. A statute of Michigan provided, with respect to this sort of companies, that “ the capital may be increased, and the number of shares, at any meeting of the stockholders called for that purpose,” &c., and that “ those bolding a majority of the-stock, at any meeting of the stockholders, shall be capable…
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Suit on subscription for stock. The transaction was a Michigan transaction. The plaintiff was a corporation organized under the laws of that state, with a capital of $30,000. A statute of Michigan provided, with respect to this sort of companies, that “ the capital may be increased, and the number of shares, at any meeting of the stockholders called for that purpose,” &c., and that “ those bolding a majority of the-stock, at any meeting of the stockholders, shall be capable of transacting the business of the meeting; and at all meetings of such stockholders, each share shall be entitled to…
1Opinion of the Court
The opinion of the court was delivered by
Beasley, Chief Justice.
This is a suit to recover the residue of the money alleged to be due from the defendant’s testator, on a subscription made by him to the capital stock of the plaintiff. The subscription list, with its prefixed agreement, was offered in evidence, and this contract was in these terms: “ We, the undersigned, for a valuable consideration, do hereby agree with the Grosse Isle Hotel Company,, of Michigan, that we will become subscribers to the capital stock of the said Grosse Isle Hotel Company, and do hereby take the number of shares…
2Cases cited3 opinions
- Hartford & New-Haven Rail Road v. KennedySupreme Court of Connecticut · 1838
- Dexter & Mason Plank Road Co. v. MillerdMichigan Supreme Court · 1854
- Carson v. Arctic Mining Co.Michigan Supreme Court · 1858