Taggart v. Western Maryland Rail Road
Court of Appeals of Maryland
Appeal from the Superior Court of Baltimore City. This action was instituted on the 1st day of February, 1861, by the appellee, to recover from, the appellant the amount of his subscription to its stock. By the Act of 1852, ch. 304, certain persons therein named were appointed commissioners to receive subscriptions to the capital stock of “ The Baltimore, Carroll and Frederick Rail Road Company."
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Appeal from the Superior Court of Baltimore City. This action was instituted on the 1st day of February, 1861, by the appellee, to recover from, the appellant the amount of his subscription to its stock. By the Act of 1852, ch. 304, certain persons therein named were appointed commissioners to receive subscriptions to the capital stock of “ The Baltimore, Carroll and Frederick Rail Road Company." The capital was fixed at five hundred thousand dollars, in shares of fifty dollars each ; and it was provided that •as soon as one thousand shares should be subscribed, the company should be…
1Concurrence
Gibson, J.,
concurred, replying to the argument (which has been urged in this case,) that prepayment was a condition which might be waived, it being intended only for the benefit of the corporation. He asks, “ What was the consideration for the charter? Undoubtedly, the benefit which was expected to result to the public ; not the profit that might be made by the stockholders. The State, therefore, was a party, and had an interest in preventing the scheme from being turned into a bubble, etc., vide p. 225. The design of the deposit was to prevent the subscription list from being filled with the…
2Cases cited11 opinions
- People v. President & Directors of the Manhattan Co.New York Supreme Court · 1832
- Connecticut & Passumpsic Rivers Rail Road v. BaileySupreme Court of Vermont · 1852
- Trustees of Troy Conference Academy v. NelsonSupreme Court of Vermont · 1852
- Utica & Schenectady Railroad v. BrinckerhoffNew York Supreme Court · 1839
- Maltby v. the Northwestern Virginia Rail Road Co.Court of Appeals of Maryland · 1860
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