Swami Abhedananda

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 Excerpt: ...transaction with the stockholder,\" release the latter from his obligation to pay, to the prejudice of its creditors, except by fair and honest dealing and for a valuable consideration.' Potts v. Wallace, 146 U. S. 689 (1892); Burke v. Smith, 16 Wall. 390 (1872); New Albany v. Burke, 11 Wall. 96 (1870). So, also, in 11linois. See Zirkel v. Joliet Opera House Co., 79 1ll. 334 (1875). An arrangement by which a subscriber for stock paid the money into the treasury, and this money is then paid out for property, and the parties receiving the money then return it to the subscriber, is not valid. The subscriber is liable to pay over again. Scales v. Irwin, 34 Q. B. Rep. (Can.) 545 (1874). 'Sawyer v. Hoag, 17 Wall. 610 (1873). In the case State v. New Orleans, etc. Co. 51 La. Ann. 1827 (1899), the subscribers to the stock of a debenture company paid ninetyfive per cent. of their sub******ion by borrowing that amount from the company on their notes, and thereupon full-paid stock was issued to them, although the statute prohibited the issue of stock until paid for. The state brought suit to set aside the charter and liquidate the company. The court held that under the constitution of Louisiana the incorporation was illegal. The court held also that the charter was illegal, in that the debentures issued were forfeited if deferred payments were not made, and that they provided for cancellation We come now to a class of cases that present more difficulty. It frequently happens that sub******ions are taken on written condition that the subscribers may withdraw from, or cancel the agreement, or return the stock, within a specified time. Such agreements are upheld if they are reasonable in their terms. Thus the agreement of the corporation that a subscriber for its sto...

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