Commonwealth v. Buffalo & Susquehanna Railroad

Citations

• 207 Pa. 154
• 56 A. 409
• 1903 Pa. LEXIS 460

Syllabus

<p>Corporations—Railroads—Taxation—Bonus—Increase of capital stock— Acts of April 4, 1868, P. L. 62, June 4, 1883, P. L. 67, and May 3, 1899, P. L. 189.</p> <p>Corporations from which the commonwealth can under the act of May 3, 1899, exact a bonus on capital stock and an increase thereof, are, first, those created after its passage; and, second, those incorporated prior to its passage, but authorized thereafter to increase their capital stock.</p> <p>Railroad companies organized under the Act of April 4, 1868, P. L. 62, may under the authority of the Act of June 4, 1883, P. L. 67, increase their capital stock up to $150,000 per mile without the payment of any bonus. The Act of June 4, 1883, P. L. 67, is not inconsistent with nor repealed by the act of February 9, 1901.</p> <p>Where several railroad companies have under the act of June 4, 1883, the right to increase their capital stock in amount up to $150,000 per mile, and such companies are consolidated and merged, the consolidated company has the same right under the Act of May 16, 1861, P. L. 702, and this is the case although the consolidation did not take place until after the passage of the act of May 3, 1899.</p>