Pitzman v. Village of Freeburg

Citations

• 92 Ill. 111

Syllabus

<p>1. Municipal subscription—whether power exists. There is no implied authority in municipal corporations to incur debts or borrow money in order to purchase stock or subscribe for shares of stock in railroad corporations, but such authority must be conferred by express grant, and can not be assumed from implication or innuendo, merely.</p> <p>2. Same—power of milages, under charter of Belleville and Southern Illinois Railroad Company, and the act of 1849. The charter of the Belleville and Southern Illinois Railroad Company authorized the directors of the company to receive subscriptions to the capital stock of the company, as might be prescribed by their by-laws and regulations, “ from any county, city, town or village,” and the charter further provided, “ any such subscription shall be valid and binding upon any county, city, town or village making the same:</p> <p>Provided, said subscriptions shall be made, in every respect, subject to the provisions and restrictions of an act entitled ‘An act to provide for a general system of railroad incorporations,’ approved November 6, 1849:” Held, the charter did not confer power upon municipal corporations to subscribe to the stock of the company, nor did the reference to the provisions of the act of 1849 enlarge the terms of the grant.</p> <p>3. The act entitled “An act to provide for a general system of railroad in-corporations,” approved November 6, 1849, in so far as it provides for municipal subscription to the capital stock of railroad companies, has no reference whatever to villages, but applies only to counties and cities.</p>