Pennsylvania State Reports Containing Cases Decided by the Supreme Court of Pennsylvania (Volume 136) (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1891. Excerpt: ... APPENDIX. DE LA CUESTA v. INSURANCE CO. (Ante, p. 62.) In Dawson v. Insurance Co., reported with the above case, ante 66-70, Hare, P. J., in discharging the rule for a new trial, December 28, 1888, delivered the following opinion: This case is substantially the same as that of Cunningham v. Insurance Co., and, like it, grew out of certain resolutions adopted by the North American insurance company, at a meeting held November 5, 1880. They are as follows: "Resolved, That the capital stock of this company be increased $1,000,000, by the issue of one hundred thousand shares at par to the stockholders, in proportion of one share for each two shares held by them on the day they shall respectively subscribe for the same, --they subscribing an agreement to pay ten dollars per share for the stock, and also ten dollars per share for the privilege of subscribing, the proceeds of which privilege shall be added to the surplus fund of the company. Subscriptions will be received until or on the first day of February, 1881, at which time the right to subscribe shall cease. "All shares not subscribed for on or before the first of February, 1881, and those the price of which is not fully paid by the fifteenth of December, 1881, will then be sold at public auction in this city, on thirty days' notice in the papers, for the benefit of the company, but at not less than twenty dollars per share." Cunningham's Appeal 108 Pa. 546 establishes that so much of the above resolutions as required the payment of a bonus of ten per cent "for the privilege of subscribing," and that the stock should "be sold for the benefit of the company," if the This opinion, which was before the Supreme Court when the case was argued, is printed here at the request of members of the bar received sinc...