People ex rel. Jenkins v. Parker Vein Coal Co.
New York Supreme Court
Appeal from order of special term refusing mandamus. (See ante, page 186.) The Parker Vein Coal Company is an incorporation of the state of Maryland.
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Appeal from order of special term refusing mandamus. (See ante, page 186.) The Parker Vein Coal Company is an incorporation of the state of Maryland. Its charter creates it a corporation “for the purpose of working mines of coal and iron, and for vending the proceeds of the samegives it power “ to make bylaws, and all such rules and regulations as may be necessary for the proper management of its affairs—Provided the same he not repugnant to the laws of the state, or of the United States.” The capital stock of the company is not to exceed $3,000,000, to be divided into shares of $100…
1Opinion of the Court
By the court—Morris, Justice.
The object of incorporating stock companies is to aggregate; from the many, sufficient capital to conduct a business which the fortune of an individual is not sufficient to transact, so that the community may be benefited by the active employment of the capital in business useful to them.
' Individuals are ‘ induced to invest their moneys in these stock companies, from the fact that, by law, they are not personally responsible (unless ‘declared to be' so by the charter) for any debt, obligation, or trespass'of the corporation; and because all that the" stockholder…
2Cases cited1 opinion
- Commercial Bank v. KortrightCourt for the Trial of Impeachments and Correction of Errors · 1839
3Cited by2 opinions
- State ex rel. Elliott v. GuerreroNevada Supreme Court · 1877
- People ex rel. Field v. Northern Pac. R.The Superior Court of New York City · 1883