In re Watertown Gas Light Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by the Watertown Gas Light Company from an order made by the Commission of Gas and Electricity, bearing date the 5th day of June, 1907, denying a certificate of authority to issue stock and bonds of said company according to the petition filed, and limiting the issue of stock to $150,000 and of bonds to $450,000.
1Opinion of the Court
Kellogg, J.:
Section 42 of the Stock Corporation Law (Laws of 1890, chap. 564,* as amd. by Laws of 1901, chap. 354) provides that “ no corporation shall issue either stock or bonds except for money, labor done or property actually received for the use and lawful purposes of such corporation,” and section 44 of said act† provides that'a corporation may increase or reduce its capital stock in the manner therein provided, but not above the maximum or below the minimum, if any, prescribed by general law governing corporations formed for similar purposes. Section 12 of the Gas Commission Law (Laws…
2Cases cited2 opinions
- Trustees of the Village of Saratoga Springs v. Saratoga Gas, Electric Light & Power Co.New York Court of Appeals · 1908
- Trustees of Village of Saratoga Springs v. Saratoga Gas, Electric Light, Heat & Power Co.Appellate Division of the Supreme Court of the State of New York · 1907
3Cited by5 opinions
- Foster v. ArataNevada Supreme Court · 1958
- People ex rel. Ligth v. StevensAppellate Division of the Supreme Court of the State of New York · 1911
- Benson v. Associated Art Press, Inc.Appellate Division of the Supreme Court of the State of New York · 1932
- Batchellor v. OlmstedDistrict Court, W.D. New York · 1919
- Hughes v. W. O. Hughes Coal Co.New York Supreme Court · 1957