Finletter v. Acetylene Light, Heat & Power Co.

Citations

• 215 Pa. 86
• 64 A. 429
• 1906 Pa. LEXIS 737

Syllabus

<p>Corporations — Stock—Stock issued for patent rights — Bonus of stock.</p> <p>Where the stock of a corporation has been issued for patent rights, the recipients may give such stock as a bonus to subscribers for other stock of the corporation, and the subscribers who take such stock as paid up stock, are not liable for assessments.</p> <p>Where stock of a corporation has been issued for patent rights, the value of the patent rights is to be determined as of the time of the formation of the company, and not after the company has become insolvent from any particular cause.</p> <p>Corporations — Stock—Assessments—Transfer of stock.</p> <p>Where the original subscribers to the stock of a corporation have parted with their stock, with all installments paid at the time of the transfers, and the transferees of the stock have been accepted by the company as shareholders, the original subscribers cannot be held for assessments.</p>