Reports of Cases at Law and in Chancery Argued and Determined in the Supreme Court of Illinois Volume 186 (Paperback)


This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...case. No complaint is made of anything that occurred on the trial up to the time the court directed a verdict, and that direction is attacked solely on the ground that the evidence showed the capital stock had not been fully subscribed at the time the calls were made. Plaintif f was incorporated under the general act concerning corporations, in force July 1, 1872. The capital stock was fixed at $5,000,000, and commissioners were licensed to open books for subscription to such stock. The commissioners took defendant's subscription, with others, for the purpose of efffecting the incorporation. In such case the contract of subscription is binding and enforceable only after the full capital stock has been subscribed. Until the whole amount has been subscribed the corpo ration cannot be organized or have a legal existence and the directors cannot make any call or assessment on the shares. The subscribers cannot be required to pay such assessments until the corporation is authorized by law to begin the prosecution of its business. (Altman v. Havana, Rantoul and Eastern Railroad Co. 88 Ill. 521; Temple v. Lemon, 112 id. 51; 1 Redfield on Railways, 175; Cook on Stock and Stockholders, sec. 176; Morawetz on Private Corp. sec. 137.) In such a case, after the capital stock has been fully subscribed the commissioners are authorized to convene a meeting of the subscribers, upon due notice addressed to each, for the purpose of electing directors or managers and for the transaction of other business.-In this case the stock was fully subscribed in good faith, and it was not claimed that there wa's any nominal or fictitious subscription or any release of any subscriber from the obligation of his contract. The notice was given to the subscribers and...

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...case. No complaint is made of anything that occurred on the trial up to the time the court directed a verdict, and that direction is attacked solely on the ground that the evidence showed the capital stock had not been fully subscribed at the time the calls were made. Plaintif f was incorporated under the general act concerning corporations, in force July 1, 1872. The capital stock was fixed at $5,000,000, and commissioners were licensed to open books for subscription to such stock. The commissioners took defendant's subscription, with others, for the purpose of efffecting the incorporation. In such case the contract of subscription is binding and enforceable only after the full capital stock has been subscribed. Until the whole amount has been subscribed the corpo ration cannot be organized or have a legal existence and the directors cannot make any call or assessment on the shares. The subscribers cannot be required to pay such assessments until the corporation is authorized by law to begin the prosecution of its business. (Altman v. Havana, Rantoul and Eastern Railroad Co. 88 Ill. 521; Temple v. Lemon, 112 id. 51; 1 Redfield on Railways, 175; Cook on Stock and Stockholders, sec. 176; Morawetz on Private Corp. sec. 137.) In such a case, after the capital stock has been fully subscribed the commissioners are authorized to convene a meeting of the subscribers, upon due notice addressed to each, for the purpose of electing directors or managers and for the transaction of other business.-In this case the stock was fully subscribed in good faith, and it was not claimed that there wa's any nominal or fictitious subscription or any release of any subscriber from the obligation of his contract. The notice was given to the subscribers and...

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Product Details

General

Imprint

Rarebooksclub.com

Country of origin

United States

Release date

September 2013

Availability

Supplier out of stock. If you add this item to your wish list we will let you know when it becomes available.

First published

September 2013

Authors

Dimensions

246 x 189 x 12mm (L x W x T)

Format

Paperback - Trade

Pages

226

ISBN-13

978-1-130-74578-8

Barcode

9781130745788

Categories

LSN

1-130-74578-3



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