Supervisors of Marshall County v. Cook

Citations

• 38 Ill. 44

Syllabus

<p>1. Subscription to railroads by municipal corporations, and the issue of bonds therefor—of the election by a county under act of 1849, by whom it must be ordered. The power of a county to make a subscription to a railroad, depends upon the act of 1849, which requires, as a prerequisite to the exercise of such power, that the County Court shall call an election to be held on that subject; and where a county is under township organization, the powers and duties of the County Court in that regard devolve exclusively upon the Board of Supervisors of the county.</p> <p>2. Same—where election is called by the wrong authority, the bonds are void. So if the election is called by the County Court, under such circumstances, it is without authority of law, and a subscription to a railroad, and bonds issued thereon by the Board of Supervisors, in pursuance of such an election, will be absolutely void.</p> <p>3. Same—no matter if a majority voted for the subscription. The fact that a majority of the votes at such an election were in favor of the subscription, will not relieve it of its illegality. Majorities are as powerless to divest a person of his property as are minorities. That can be done by neither, except in the manner prescribed by law. The election being called without authority, the vote would confer no power.</p> <p>4. Same—in whose hands the bonds would be void. As between the county and the first holder, or in the hands of a person holding such bonds with notice that they were issued without authority, there is no doubt that they are absolutely void.</p> <p>5. Same—how such notice is afforded. And all persons dealing in securities issued by a municipal corporation are chargeable with notice of a want of authority in their creation.</p> <p>6. Same—whether a holder before maturity is protected by the negotiable character of the instrument. Nor will the negotiable character of such securities protect a purchaser before maturity against the consequences of a want of