People v. Stockton & Visalia Railroad

Citations

• 45 Cal. 306

Syllabus

<p>Certificate of Incorporation.—In making a certificate of incorporation and the affidavit attached thereto, a substantial compliance with the statute is all that is required. A literal compliance with the statute in such cases is never required.</p> <p>Formation of Bailroad Corporation.—The statute relating to the formation of railroad corporations is substantially complied with, if the only defect in the papers necessary to constitute a corporation, is the omission of the words “in good faith” in that portion of the affidavit attached to the certificate relating to the payment of the ten per cent.</p> <p>Idem.—The Treasurer of a company about to form a railroad corporation may receive frpm the subscribers payment of the ten per cent required by law to be paid to him in bank checks drawn by the subscribers, and payable in presentí, provided they are drawn against a sufficient fund and the banks will pay the checks on presentation, and the same are drawn in good faith and with no intention to evade the law.</p> <p>Idem.—Question discussed as to what is the commencement of the transaction of corporate business within one yeivr from the time of filing certificate.</p>