Bristol Creamery Co. v. Tilton

Supreme Court of New Hampshire

Bristol Creamery Co. v. Tilton

47 A. 591, 70 N.H. 239

DecidedDecember 5, 1899

StatusPublished

This text of 47 A. 591 (Bristol Creamery Co. v. Tilton) is published on Counsel Stack Legal Research, covering Supreme Court of New Hampshire primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Bristol Creamery Co. v. Tilton, 47 A. 591, 70 N.H. 239 (N.H. 1899).

Pincite

Opinion

Pike, J.

Even if the vote by which the secretary was Instructed to “ assess the stockholders five dollars per share ” was an implied ratification of the defendants’ acts, the subscribers for the 107 shares did not thereby become shareholders in the corporation. There was authority for the issuance of only 100 shares, and until these should be allotted or apportioned no contract of membership could exist upon which either the corporation or subscribers would be liable. Melvin v. Hoitt, 52 N. H. 61, 67. No allotment or apportionment having been made, the subscribers never became shareholders in the corporation or liable for any of the shares subscribed.

Judgment for the defendants.

Chase, J., did not sit: the others concurred.

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Pike, J.

Even if the vote by which the secretary was Instructed to “ assess the stockholders five dollars per share ” was an implied ratification of the defendants’ acts, the subscribers for the 107 shares did not thereby become shareholders in the corporation. There was authority for the issuance of only 100 shares, and until these should be allotted or apportioned no contract of membership could exist upon which either the corporation or subscribers would be liable. Melvin v. Hoitt, 52 N. H. 61, 67. No allotment or apportionment having been made, the subscribers never became shareholders in the corporation or liable for any of the shares subscribed.

Judgment for the defendants.

Chase, J., did not sit: the others concurred.

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Bluebook (online)

47 A. 591, 70 N.H. 239, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bristol-creamery-co-v-tilton-nh-1899.