Town of Reading v. Wedder

Citations

• 66 Ill. 80

Syllabus

<p>1. Corporate subscription in aid of raib'oad—change in name of company does not invalidate. Where a subscription, of §50,000 was regularly-voted and made to the Chicago and Plainfield Railroad Company, and the bonds delivered to the Chicago, Pekin and Southwestern Railroad Company; and it appeared that, by an amendment of-its charter, the name of the first mentioned company was changed to the latter name, its former rights confirmed, new ones conferred, and the company authorized to extend its road to Pekin: Held, on bill in chancery to enjoin the payment of interest on the bonds delivered in payment of the subscription, that, as the amendment changing the name of the company to which the subscription was made was not a fundamental change, the general purpose and direction of the road being the same, the stockholders and officers remaining the same, and the amendment having been accepted, the delivery of the bonds to the company under its new name was proper, and the bill was properly dismissed.</p> <p>2. Same—change of route—whether road will pass through town subswibing. Where a town was authorized to subscribe to the capital stock of a railroad company upon condition that it should pass through such town, and voted such subscription to a company whose charter was subsequently amended, changing the name of the company, and required the road to run from one county to another, without fixing any definite points, and the bonds were issued and made payable to the company by its new name, it was contended that the company could not construct its road through the town so subscribing: Held, as the court could see, by reference to a map of the State, that the road could he built so as to run through the township, the objection that the town was not authorized to make the subscription was not well taken.</p>