Peoria & Rock Island R. R. v. Preston
Supreme Court of Iowa
Appeal from, Scott Oircmt Oowrt. Action to recover of defendant a subscription of five' shares to tbe capital stock of plaintiff, amounting to $500. The answer: 1. Denies each allegation of the petition. 2. Avers that by the act under which said plaintiff was incorporated, passed by the legislature of Illinois, March 7, 1867, and annexed as an exhibit to the answer, the capital stock of said company is fixed at $1,000,000, and that the directors are required to receive…
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Appeal from, Scott Oircmt Oowrt. Action to recover of defendant a subscription of five' shares to tbe capital stock of plaintiff, amounting to $500. The answer: 1. Denies each allegation of the petition. 2. Avers that by the act under which said plaintiff was incorporated, passed by the legislature of Illinois, March 7, 1867, and annexed as an exhibit to the answer, the capital stock of said company is fixed at $1,000,000, and that the directors are required to receive subscriptions therefor until the whole amount of capital stock shall be taken. That at the time the calls for payments were…
1Opinion of the CourtDay, J.
1. corpora-power to' levy ’ assessments on stock. I. We regard it as settled by the weight of authority and reason, that where an act of incorporation fixes the amount of capital stock, and the number of shares into which it shall be di- • ¶ ¶ . ,. . 1 Tided, the corporation cannot make an assessment upon the shares of a stockholder, for the purpose of carrying on the general business of the company, until all the capital stock has been subscribed, unless, either expressly or by implication, a different intent appears in the charter, or in the contract of subscription. The reasons for this…
2Cases cited7 opinions
- Schenectady and Saratoga Plank Road Co. v. . ThatcherNew York Court of Appeals · 1854
- Hamilton & Deansville Plank Road Co. v. RiceNew York Supreme Court · 1849
- Banet v. Alton & Sangamon RailroadIllinois Supreme Court · 1851
- Penobscot Railroad v. DummerSupreme Judicial Court of Maine · 1855
- Iowa & Minnesota R. R. v. PerkinsSupreme Court of Iowa · 1869
2 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Watters & Martin, Inc. v. Homes Corp.Supreme Court of Virginia · 1923
- Haskell v. WorthingtonSupreme Court of Missouri · 1887
- Eastern Products Corporations v. Tennessee Coal, Iron & R.Tennessee Supreme Court · 1924
- Eaton v. Pacific National BankMassachusetts Supreme Judicial Court · 1887
- Anvil Mining Co. v. ShermanWisconsin Supreme Court · 1889
7 more not listed; retrieve them via the Exa API.