Bedford Railroad v. Bowser
Supreme Court of Pennsylvania
Error to the Common Pleas of Bedford county. This was an action of assumpsit by The Bedford Railroad Company against Jonathan Bowser, to recover the amount due on his subscription for three shares of stock of the company, at $50 a share.
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Error to the Common Pleas of Bedford county. This was an action of assumpsit by The Bedford Railroad Company against Jonathan Bowser, to recover the amount due on his subscription for three shares of stock of the company, at $50 a share. The subscription was made June 12th 1858, and this fact was not denied on the trial; but the defendant, under the pleas of payment, release, illegality of consideration, &e., gave notice that he would oifer in evidence the following special matters as a defence:— 1. That by the terms of the original charter to the plaintiffs, passed March 19th 1858, it was…
1Opinion of the Court
The opinion of the court was delivered, by
Strong, J.
— The subscription originally made by the defendant to the capital stock of the company was, in legal effect, absolute and unqualified. It has repeatedly been decided that conditions attached to subscriptions to stock, made preparatory to the procurement of a charter, are entirely nugatory, and are to be treated as if they had no existence. The commissioners' appointed to receive them are agents with limited powers, incapable of offering any other terms to a subscriber than those prescribed by the legislature. The Act of Assembly that…
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