Louisiana Paper Co. v. Waples
U.S. Circuit Court for the District of Louisiana
[Error to the district court of the United States for the district of Louisiana.] The action -was brought in the district court by the trustees in bankruptcy of the Louisiana Paper Manufacturing Company, to recover of the defendant [Rufus Waples], who was a stockholder in the company, a balance alleged to be due and unpaid on his subscription of stock. [Case unreported.] The company was established under a general law of this state (Rev. St. p. 183) which provided for the…
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[Error to the district court of the United States for the district of Louisiana.] The action -was brought in the district court by the trustees in bankruptcy of the Louisiana Paper Manufacturing Company, to recover of the defendant [Rufus Waples], who was a stockholder in the company, a balance alleged to be due and unpaid on his subscription of stock. [Case unreported.] The company was established under a general law of this state (Rev. St. p. 183) which provided for the organization of corporations for works of public improvement, manufacturing and other purposes, by the adoption of a…
1Opinion of the Court
WOODS, Circuit Judge.
This is not the case where there has been a subscription of stock, and the by-laws or other regulations adopted by the stockholders or directors prescribe how the subscriptions shall be called in, or the charter itself declares in what installments the directors may call in the stock payments. In such a case, there can be no doubt that the entire stock subscribed, whether called in by the directors or not, is a fund for the satisfaction of the debts of the corporation, and its payment can be enforced. Such regulations only pertain to the administration of the affairs of…
2Cases cited5 opinions
- Ward v. Griswoldville Manufacturing Co.Supreme Court of Connecticut · 1844
- Stark v. BurkeSupreme Court of Louisiana · 1854
- Carlisle v. Cahawba & Marion Rail RoadSupreme Court of Alabama · 1842
- Penobscot & Kennebec Railroad v. DunnSupreme Judicial Court of Maine · 1855
- Purton v. New Orleans & Carrollton RailroadSupreme Court of Louisiana · 1848
3Cited by2 opinions
- Bent v. UnderdownIndiana Supreme Court · 1901
- Security Trust Co. v. FordOhio Supreme Court · 1906