S. & A. Railroad v. Ezell

Citations

• 14 S.C. 281

Syllabus

<p>1. By tlie first section of an act of incorporation, a railroad company were declared to “be, and they are hereby created, a body politic and corporate and in a subsequent section it was enacted “ that when $100,000 shall have been subscribed, and $1 on each share shall have been paid in, the said company may organize and proceed to work.” Held, that this requirement was sufficiently complied with when $100,000 were subscribed, and a sum in gross paid in equal to $1 upon every share subscribed.</p> <p>2. Held, further, that a failure to comply strictly with these requirements would not have affected the corporate existence, but would have been an irregularity only, which could not defeat the right of the corporation to recover a stock subscription.</p>