Stemple v. Bruin

Citations

• 57 Fla. 173

Syllabus

<p>Corporation — Stock—How Paid.</p> <p>1. Under the provisions of section 2653 of the General Statutes of 1906, where the charter of an incorporated company provides that its capital stock shall be paid in cash except that one-half of the capital stock or less may be paid in property, labor or services, the subscribers to such stock are bound to pay one-half of' the amount of each of their subscriptions thereto in cash.</p> <p>2. There is a wide distinction between the authorized capital’ stock of a corporation and its actual capital stock. Its authorized capital may never become actual capital in consequence of never receiving any contributors. Its actual capital stock is the amount of its authorized capital that has been bona fide subscribed for and paid in.</p>