Clark v. Monongahela Navigation Co.
Supreme Court of Pennsylvania
ERROR to the district court of Allegheny county. Monongahela Navigation Company against Thomas S. Clark. This was an action on tfie case to recover from the defendant the amount of stock subscribed for by him in the said compauy. The defence was, that the commissioners who received the subscription of stock, did not require the payment of five dollars upon each share at the time of subscribing, as prescribed in the act of incorporation, and therefore the contract was void.
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ERROR to the district court of Allegheny county. Monongahela Navigation Company against Thomas S. Clark. This was an action on tfie case to recover from the defendant the amount of stock subscribed for by him in the said compauy. The defence was, that the commissioners who received the subscription of stock, did not require the payment of five dollars upon each share at the time of subscribing, as prescribed in the act of incorporation, and therefore the contract was void. The defendant also contended, that inasmuch as the act of June 24, 1839, in several of its provisions changed the…
1Opinion of the Court
The opinion of the court was delivered by
Rogers, J.
The first section of the act, which authorizes subscriptions to the company, provides, “ That every person offering to subscribe, &c., shall previously pay to the attending commissioners, the sum of five dollars for every share subscribed, out of which shall be defrayed the expenses attending the taking of such subscriptions, and other incidental expenses, and the remainder shall be paid to the treasurer of the corporation, as soon as the same shall be organized, and the officers chosen, as herein afterwards mentioned.” It appears that the…
2Cases cited1 opinion
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