Falmouth & Lewisville Turnpike Co. v. Shawhan

Appellant was incorporated in 1876, under section 3624, et seq., R. S. 1881. The purpose of the incorporation, as declared in the articles of incorporation, was to construct and maintain a gravel road. Appellee was one of the incorporators, and a subscriber to the capital stock. He subscribed for eight shares of $25 each. There is this stipulation in the articles of incorporation:

“And we, whose names and residences are hereto affixed, *48each severally, promises for himself to pay to • said company, for the purpose herein set forth, the amount of money set opposite our respective names.” • ...

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