Fulgam v. Macon & Brunswick Railroad
Supreme Court of Georgia
Corporations. Condition precedent. Before Judge Alexander. Pulaski Superior Court. April Term, 1871. On the 13th of March, 1866, Fulgam and others signed the following paper, at Hawkinsville, Georgia: “We, the undersigned, agree to pay to the Macon and Brunswick Eailroad Company the amount set opposite our names, respectively, for the true payment of which we bind ourselves, upon the demand of said railroad company, or their agent.
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Corporations. Condition precedent. Before Judge Alexander. Pulaski Superior Court. April Term, 1871. On the 13th of March, 1866, Fulgam and others signed the following paper, at Hawkinsville, Georgia: “We, the undersigned, agree to pay to the Macon and Brunswick Eailroad Company the amount set opposite our names, respectively, for the true payment of which we bind ourselves, upon the demand of said railroad company, or their agent. The condition of this subscription is such that said subscribers are to receive stock in said railroad, amount subscribed by each, of the stock heretofore…
1Opinion of the Court
McCay, Judge.
We think the plaintiff in error was, as was charged by the Judge, liable to suit on his refusal to pay. He had subscribed the stock, and he was not entitled to a certificate of stock until his subscription was paid. It was argued that a subscription for stock stands on the same footing as a contract of purchase; that the company, like the vendor, must offer to deliver before he can demand the price. Is this so? We think not. Whenever the subscriber pays, he is the owner of stock in the company. It is the payment that makes him the stockholder’. The certificate of stock is only…
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