Reports of Cases Decided in the Supreme Court of the State of Indiana Volume 4

Reports of Cases Decided in the Supreme Court of the State of Indiana Volume 4

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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. 1854 edition. Excerpt: ...might be waived so far as its enforcement was not necessary for that purpose. This must be so, for, should the amount of stock required by the charter to authorize the company to transact business, never be obtained, the money derived from the dollar payment of those subscribing would never be applied to any other object than the payment of expenses, and to that object it might be applied, if needed, whether the company ever went into operation or not-. But if we are wrong in this view, still that plea must be bad, for it limits its denial of the payment of 1 dollar on a share to the time of making the subscription, and does not allege that it was not made on all the two hundred and twenty-eight shares subsequently, and before the organization of the company. Such a payment would have been a sufficient compliance with the charter. The provisions contained in it in regard to the getting up of this insurance company, were not necessarily to be literally, but only substantially, complied with. No good could result from adopting the opposite rule of decision, while much inconvenience and harm might be the consequence. On questions as to power of dealing in a corporate capacity, with third persons, these companies must be limited by their respective charters; but on those relating to the mere manner of getting into operat.ion--of becoming prepared to act--a liberal construction is to be adopted. Where these questions arise upon evidence, we have already held that "every presumption is indulged in favor of the legal existence of _a corporation after it has gone into operation." 2 Ind. R. 437. It will hardly be contended, we think, by any one, that the provision in the charter under consideration should be so construed as more

Product details

  • Paperback | 238 pages
  • 189 x 246 x 13mm | 431g
  • United States
  • English
  • black & white illustrations
  • 123678796X
  • 9781236787965