Commonwealth v. Wayne Sewerage Co.

Opinion by

Mb. Justice Simpson,

These two cases were argued together; they have the same controlling facts, and one opinion will suffice for both.

Following appropriate action by each corporate defendant, its stockholders surrendered their shares of capital stock, which had a specified par value, and received in lieu thereof a larger number of shares having no par value. The Commonwealth thereupon began the present proceedings, claiming to recover an additional bonus on the capital stock, measuring the amount upon which it was to be charged, by the difference between an alleged statutory capital…