Cunningham v. Alabama Life Insurance & Trust Co.
Supreme Court of Alabama
Wsit of Error to the Circuit Court of Mobile. The facts of this case were agreed by the parties, and are substantially as follows, viz: C. C. Hazard being the proprietor of fifty shares of the stock of the Alabama Life Insurance and Trust Company, on which forty dollars per share had been paid, on the 28th July, 1841, transferred the same to John B. Toulmin, who received from the Company a certificate of stock reciting the transaction, and stating that the stock was “…
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Wsit of Error to the Circuit Court of Mobile. The facts of this case were agreed by the parties, and are substantially as follows, viz: C. C. Hazard being the proprietor of fifty shares of the stock of the Alabama Life Insurance and Trust Company, on which forty dollars per share had been paid, on the 28th July, 1841, transferred the same to John B. Toulmin, who received from the Company a certificate of stock reciting the transaction, and stating that the stock was “ transferable at the office of the Company, personally or by attorney.” It further appears, that the plaintiff had purchased…
1Opinion of the CourtCollier, C. J.
The questions in this case are — 1. Is the by-law enacted by the defendant, which inhibits a stockholder from transferring his stock, while he is indebted to the company, within the scope of its legislative powers? 2. Does the indebtedness of Toulmin come within the prohibition of that by-law.
1. It is said to be essential to the validity of a by law, that it should conform to the constitution of the United States and the acts of Congress pursuant thereto, to the constitution and statutes of the State in which it is located, and to the generaL principles aud policy of the common law as it is…
2Cases cited2 opinions
- Union Bank of Georgetown v. LairdSupreme Court of the United States · 1817
- Northrop v. Newtown & Bridgeport Turnpike Co.Supreme Court of Connecticut · 1821
3Cited by8 opinions
- Birmingham Trust & Savings Co. v. Louisiana National BankSupreme Court of Alabama · 1892
- Bronson Electric Co. v. RheubottomMichigan Supreme Court · 1900
- Birmingham Trust & Savings Co. v. East Lake Land Co.Supreme Court of Alabama · 1893
- Mobile Mutual Insurance v. CullomSupreme Court of Alabama · 1873
- Lockwood Others, Trustees v. Mechanics Natl. Bank, C.Supreme Court of Rhode Island · 1869
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