Carter v. Producers' Oil Co.
Supreme Court of Pennsylvania
Appeal, No. 70, Jan. T., 1901, by defendant, from decree of C. P. Warren Co., June T., 1896, No. 18J-, affirming report of appraiser in case of John J. Carter v. Producers’ Oil Company, Limited. Petition for appraisement of shares of a limited partnership association.
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Appeal, No. 70, Jan. T., 1901, by defendant, from decree of C. P. Warren Co., June T., 1896, No. 18J-, affirming report of appraiser in case of John J. Carter v. Producers’ Oil Company, Limited. Petition for appraisement of shares of a limited partnership association. The appraiser, Hon. Frank Gunnison, reported, among others, the following facts: 1. I find the Producers’ Oil Company, Limited, was organized June 9, 1891, under the provisions of the act of June 2, 1874, P. L. 271, and its supplements, with a capital stock of $600,000, divided into 60,000 shares of the par value of $10.00 each.…
1Opinion of the Court
Opinion by
Mb. Justice Mitchell,
The important question in this case is whether the defendant company could elect the plaintiff a member in regard to a part of the shares held by him, and refuse him an election as to the rest. The learned appraiser and the court below were of opinion that the association had such power, but we cannot concur in this view.
A partnership association, commonly but inaccurately called a - joint stock company, is the creation of the statutes, and while it is assimilated in some respects to a corporation, it is nevertheless essentially a partnership. But a partnership…
2Cases cited2 opinions
- Gyger's AppealSupreme Court of Pennsylvania · 1869
- Carter v. Producers' Oil Co.Supreme Court of Pennsylvania · 1897
3Cited by3 opinions
- Commonwealth v. NestorSuperior Court of Pennsylvania · 1957
- Kelley v. ShaySupreme Court of Pennsylvania · 1903
- Shufflebottom v. Penn Iron Co., Pennsylvania Court of Common Pleas, Lancaster County1922