Statutory Revision of the Laws of New York Affecting Railroads Enacted in 1892
Statutory Revision of the Laws of New York Affecting Railroads Enacted in 1892
Andrew Hamilton
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V. Mason, I*! id. , 451 ; Dayton v. Borst, 31 id. , 435. When stock certificates have been delivered to the subscriber for the stock, he becomes a member of the company, entitled to all right and privileges incident to the relation, and the original promise is merged in the new obligation. Billings v. Robinson, ante. Persons, who sign the articles of association of a manufacturing company, are stockholders. Strong v. Wheaton, 38 Barb. , 616. When the holding of stock is once established, it mus...t be presumed to continue until its surrender or assign- ment is shown. Id. One, to whom stock has been apportioned in a corporation, is a stockholder, though no certificate has been issued. Burr v. Wilcox, 22 N. Y. , 551. This is the case, even though the apportionment was made for him to an agent, who subscribed at his request. Id. The members, as soon as the corporation has any property or valuable franchise, become stockholders in proportion to their respective in terests. Id. An agreement to take stock in a corporation to be thereafter formed become* binding on the organization of the corporation and its acceptance of the agreement.
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