Galveston Hotel Co. v. Bolton
Texas Supreme Court
Appeal from Galveston. Tried below before the Hon. A. P. McCormick. The Galveston Hotel Company brought suit against C. L. Bolton, to recover upon the subscription of said Bolton for five shares of its stock, valued at $500 per share. Bolton subscribed for the five shares before the organization of the company. About a month after the date of the subscription, he was called upon to pay the first installment, and promised to do so, but asked indulgence for a short time.
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Appeal from Galveston. Tried below before the Hon. A. P. McCormick. The Galveston Hotel Company brought suit against C. L. Bolton, to recover upon the subscription of said Bolton for five shares of its stock, valued at $500 per share. Bolton subscribed for the five shares before the organization of the company. About a month after the date of the subscription, he was called upon to pay the first installment, and promised to do so, but asked indulgence for a short time. Some weeks afterwards, payment was again demanded of him, and he again promised to pay, and requested a further extension. He…
1Opinion of the Court
Roberts, Chief Justice.
The questions in this case are, 1st, did appellee ever become a corporator in the company ? and 2d, if he did, were the assessments legal and binding upon him ? and 3d, was this suit properly brought to recover the amounts assessed against him ?
*641These will be considered without any special reference to the division here made.
A subscription of stock in an incorporated company, or in anticipation of a company expected to be incorporated, is usually in the shape of a mutual agreement, written and signed by those desiring to be corporators, or of a mutual undertaking in…
2Cases cited4 opinions
- Cooper v. HarrisonSupreme Court of Louisiana · 1857
- Mitchell v. Rome Rail RoadSupreme Court of Georgia · 1855
- Morris v. BuckleySupreme Court of Pennsylvania · 1822
- Jones v. VarneyMassachusetts Supreme Judicial Court · 1851
3Cited by4 opinions
- Belton Compress Co. v. SaundersTexas Supreme Court · 1887
- Arkadelphia Cotton Mills v. TrimbleSupreme Court of Arkansas · 1891
- Coleman Hotel Co. v. CrawfordTexas Commission of Appeals · 1928
- Patty & Brockington v. Hillsboro Roller Mill Co.Court of Appeals of Texas · 1893