Cheetham v. McCormick
Supreme Court of Pennsylvania
Appeals, Nos. 17 and 19, May T., 1896, by defendant, from judgments of C. P. Dauphin Co., Commonwealth Docket, 1895, Nos. 25 and 26, granting a peremptory mandamus. Petition for mandamus.
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Appeals, Nos. 17 and 19, May T., 1896, by defendant, from judgments of C. P. Dauphin Co., Commonwealth Docket, 1895, Nos. 25 and 26, granting a peremptory mandamus. Petition for mandamus. Before Simonton, P. J. . Frcm the record it appeared that the Reading Traction Company was incorporated under the act approved March 22, 1887, entitled “ An act to provide for the incorporation and regulation of motor power companies for operating passenger railways by electricity, cable or other means.” The Reading & Womelsdorf Electric Railway Company was incorporated under the provisions of the act of…
1Opinion of the Court
Opinion by
Mr. Justice Williams,
The constitution provides, art. 16, sec. 7, that “ No corporation shall issue stock or bonds except for money, labor done, or money or property actually received; and all fictitious increase of stock or indebtedness shall be void.” There is no exemption from the operation of this prohibition, and it is perfectly obvious therefore that street railway corporations are within it. They are exposed to the mischief to be guarded against. They are within the remedy proposed by the people in the fundamental law. A few years’ experience under the new constitutional…
2Cases cited2 opinions
- Rafferty v. Central Traction Co.Supreme Court of Pennsylvania · 1892
- Estate of LaBarSupreme Court of Pennsylvania · 1897
3Cited by8 opinions
- Ames v. Attorney GeneralMassachusetts Supreme Judicial Court · 1955
- Massachusetts Loan & Trust Co. v. HamiltonCourt of Appeals for the Ninth Circuit · 1898
- Commonwealth v. Reading Traction Co.Supreme Court of Pennsylvania · 1902
- Philadelphia v. Philadelphia Traction Co.Supreme Court of Pennsylvania · 1903
- Tepel v. ColemanDistrict Court, M.D. Pennsylvania · 1914
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