Marshall on Private Corporations (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. 1902 edition. Excerpt: ...Plank-Road Co. v. Brown, 25 Pa. St. 156. A subscriber who transfers his stock to another, and thus treats it as valid, is estopped to deny that the payment necessary to give M. on Corp.-43. A by-law of a corporation requiring a certain percentage of subscriptions to be paid at the time of subscribing, and declaring that subscriptions without such payment shall be void, is for the benefit of the corporation only, and does not render subscriptions absolutely void because of nonpayment of the required amount. The corporation, if it sees fit, may treat them as valid, and, if it does so, the subscribers are bound? When a corporation increases its capital stock after its organization, subscribers for the additional shares do not become stocl.ho1ders with respect to such shares, or acquire any title to the stock, until they have paid for it? (d) Issue or tender of certificate of stock.--Ag was shown in a former chapter, a certificate of stock is merely evidence of the holdei-'s ownership of stock, and is not at all necessary to make one a stockholder? And it is well settled that the issue or tender of a certificate of stock is not a condition precedent to the right of a corporation to levy assessments or maintain an action on a subscription for st0ck, unless it is expressly required by the contract of subscription.8 A different rule applies to a sale of 'stock, as distinguished from a subscription. In such a case, issue or tender of a certificate is a condition precedent to the right to maintain an action for the price? Even his subscription validity was made. Everhart v. West Chester & Philadelphia R. Co., 28 Pa St. 339. 11 Plscataqua Ferry Co. v. Jones, 39 N. H. 491. l #25...