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The American Railway Reports (Volume 4); A Collection of All Reported Decisions Relating to Railways

The American Railway Reports (Volume 4); A Collection of All Reported Decisions Relating to Railways


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About the Book

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Swartwout v. Michigan Air Line R. R. Co. SWABTWOUT o. THE MICHIGAN AIK LINE RAILROAD COMPANY. 24 Michigan, 889. Supreme Court of Michigan; April Term, 1872. Incorporation. Subscriptions. The associates in a railroad company, who, acting under a statute authorizing their incorporation, had elected and held meetings of directors as well as of stockholders; had made assessments upon the subscriptions to the capital stock, and collected them in part; had assigned a portion of the road for construction, and proceeded to construct the same; and had done various other acts as a corporation, and expended large amounts of money in furtherance of the object for which the company was formed, without interference by the public authorities, Held, a corporation de facto, even if not a corporation dejure; and capable, as such, to maintain an action for an unpaid balance of a subscription against one of the corporators who had acted with the others in claiming and exercising corporate powers. In such an action, questions whether there has been exact regularity and strict compliance with the provisions of the law authorizing the incorporation can not be raised. Such questions concern the state rather than individuals, and should only be raised in a proceeding to which the state has seen fit to make itself a party. But a railroad company, although a corporation de facto, and entitled as such to maintain actions, can not recover upon subscriptions to its stock, without showing performance of all acts which are made, by the statute authorizing its incorporation, conditions precedent; as the procuring of subscriptions to the capital stock to a certain amount. Subscriptions. Municipal corporations. Where the legislature has authorized a railroad company to proceed in the construct...


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Product Details
  • ISBN-13: 9781458860682
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 192
  • Spine Width: 10 mm
  • Width: 189 mm
  • ISBN-10: 145886068X
  • Publisher Date: 01 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 354 gr


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The American Railway Reports (Volume 4); A Collection of All Reported Decisions Relating to Railways
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