Peninsular Railway Co. v. Duncan

This case presents the question whether one who be■comes one of the original associates for the formation of a railway company, and signs a subscription agreeing to take •a certain number of shares of the capital stock of the proposed company, and to pay therefor “at such times and in .such sums as the same shall be assessed, demanded, and required to be paid by the directors of said company,” but who afterwards fails for any reason to sign the articles of incorporation, or to subscribe for stock on tbe commission*132ers’ books, can be held liable upon his preliminary subscription, after the…