Rice v. Rock Island & Alton Railroad
Illinois Supreme Court
This was an action of assumpsit, by the Rock Island and Alton Railroad Company against the appellant, Rice, for instalments upon his subscription for stock. The declaration contains three counts—the first and third special, averring the organization of the company and an order by the directors for payment of the instalments; the second, the common indebitatus count.
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This was an action of assumpsit, by the Rock Island and Alton Railroad Company against the appellant, Rice, for instalments upon his subscription for stock. The declaration contains three counts—the first and third special, averring the organization of the company and an order by the directors for payment of the instalments; the second, the common indebitatus count. Neither count contains any averment that the $500,000 required by the charter, had been subscribed before the organizartion of the company, nor is there any averment that the three million dollars, which, by the charter,…
1Opinion of the CourtCaton, C. J.
All the questions in this case have been lately decided by this court, and wc do not deem it again necessary to elaborate them.
The party ought not to be permitted in this collateral way to ■question the regularity of the organization of the company. If it has assumed to exercise corporate functions before it had a right by law to do so—if it has usurped franchises not granted by the statute, that should be more properly inquired into by a direct proceeding to seize the franchises to the people and dissolve the corporation. If in every suit which the company may bring to enforce its rights, it…
2Cited by15 opinions
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