Burt v. Farrar
New York Supreme Court
MOTION for a new trial, on a bill of exceptions. The action was brought to recover the balance remaining unpaid on a subscription by the defendant, for twenty shares of the capital stock of the Lake Ontario, Auburn and New York Bail Boad Company. The subscription was to the original articles of association. The defendant, and seven other individuals, agreed between themselves to subscribe the articles of association for twenty shares, each, and all made such subscription.
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MOTION for a new trial, on a bill of exceptions. The action was brought to recover the balance remaining unpaid on a subscription by the defendant, for twenty shares of the capital stock of the Lake Ontario, Auburn and New York Bail Boad Company. The subscription was to the original articles of association. The defendant, and seven other individuals, agreed between themselves to subscribe the articles of association for twenty shares, each, and all made such subscription. The shares were $50 each. After the articles were thus subscribed, they were put into the defendant’s hands to enable him…
1Opinion of the Court
By the Court, Johnson, J.
The object of signing the articles by all the associates, doubtless, was to effect the formation of a rail road corporation. But the corporation was not formed, and did not become a legal body until all the requirements of *520the statute had been complied with, and the articles filed in the office of the secretary of state.
[Cayuga General Term, June 1, 1857.
Until all this was done, the subscription of any subscriber to the articles was, I think, a mere proposition to take the number of shares indicated by the subscription, of the capital stock of the corporation…
2Cited by5 opinions
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