10 Watts 364 | Pa. | 1840
The opinion of the court was delivered by
The first section of the act, which authorizes subscriptions to the company, provides, “ That every person offering to subscribe, &c., shall previously pay to the attending commissioners, the sum of five dollars for every share subscribed, out of which shall be defrayed the expenses attending the taking of such subscriptions, and other incidental expenses, and the remainder shall be paid to the treasurer of the corporation, as soon as the same shall be organized, and the officers chosen, as herein afterwards mentioned.” It appears that the commissioners omitted to require a previous payment of the sum mentioned, and according to the
Taking the defendant to be a contractor, as has been shown in the preceding remarks, and as such, liable to pay the amount of his subscription, there is nothing in the objection, that the name of the company is changed; nor is it material, that the ma'nagers, by the supplement, are authorized to raise the height of the dams. Both provisions, and particularly the latter,'are designed for the benefit of the company. The company are permitted — not required, to erect the dams to the height of eight, instead of being confined to four feet, as in the original act. It would be contrary to all just rules of construction, that an immaterial alteration of the charter, or one which grants a benefit to the company, made at their own instance, or, which is the same thing, -at the request of the managers, should release the stockholders from the obligation of their contract.
Judgment affirmed.