Elevator Co. v. Memphis & Charleston Railroad

The charter of the Memphis & Charleston Railroad Company gives power “to do all lawful acts properly incident to a corporation and necessary and proper to the transaction of the business for which it is incorporated,” and “that said company shall possess such additional powers as may be convenient for the due and successful execution of the powers granted in this charter.”

To induce a subscription of stock to the latter, the 'Memphis & Charleston Railroad Company entered into an agreement with the complainant company that “ these subscriptions are made with the understanding that the Memphis &…