Echols v. City of Bristol

Citations

• 90 Va. 165
• 17 S.E. 943
• 1893 Va. LEXIS 27

Syllabus

<p>Railuoad Companies — Municipal subscriptions — Conditions precedent — Case at bar. — City of Bristol is authorized by statute to subscribe and issue its bond for §25,000 to the S. A. & 0. railroad company; provided said statute shall not be in force until the company subscribed a certain sum to a furnace company. The railroad company merely procured a transfer to itself from the V. T. & C. railroad company of §25,000 of stock in the furnace company; on which stock the S. A. & O. railroad company, being insolvent, did not even pay the assessments.</p> <p>Held :</p> <p>The subscription of the said sum by the S. A. & O. railroad company to the furnace company was a condition precedent to the issue of the bonds of the city, with which such transfer was no compliance.</p>