Ohio Law Reporter Volume 7

Ohio Law Reporter Volume 7

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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. 1910 edition. Excerpt: ... TIME or ORGANIZATION BUT W.-s Nor. This situation can arise in two ways (a) where by its charter a company is authorized to have a capital stock of not less than one amount nor more than another amount, with power in the directors or company to fix the amount for commencing business at less than the maximum and where they actually do so fix it; and (b) where the company is authorized to commence business with less than the total shares of capital stock, and actually do so. Of these in their order. (a). Where a corporation is permitted to fix the amount of its capital stock between a maximum and minimum limit, and fixes it at less than the maximum, with the power to increase it to the limit, a situation is created by which a corporation is launched upon its career with a certain capital stock, which its members have contributed, and then may under the power given the corporation increase the amount by ordering the issue of new shares. The question then arises. who is entitled to these new shares? If the charter provides how these new shares shall be distributed and to whom, this would be conclusive, as such a provision would become a part of the contract of membership, and "Williams v. West. Union Tel. 00., 93 N. Y., 162 (1883). "Williams v. West. Union Tel. Co., 93 N. Y., 162, 189. every member would be presumed to have contributed to the funds at organization with this provision in view, and could not now be heard to complain. But how if the charter does not provide to whom they shall be distributed? It was out of a situation of this kind that the first case arose in which the rule was adopted that those who had contributed to the capital stock first raised should have a pre-einptive right to subscribe for the new...
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Product details

  • Paperback | 342 pages
  • 189 x 246 x 18mm | 612g
  • United States
  • English
  • black & white illustrations
  • 1236849329
  • 9781236849328