Temple v. Lemon

Citations

• 112 Ill. 51
• 1 N.E. 268

Syllabus

<p>1. Stockholders—condition to their liability—necessity of the entire capital stock being subscribed. There is no liability on a subscription to the stock of a corporation, the amount of whose capital stock is fixed, until the whole amount of the stock is subscribed.</p> <p>2. A subscriber to the capital stock of a proposed corporation, when the full amount of stock fixed by law or by the action of those connected therewith is not subscribed, can not be held liable individually for a debt of such corporation, unless for some cause he has estopped himself from alleging that the whole of the fixed capital stock was never subscribed.</p>