101 Ala. 127 | Ala. | 1893
Appellants, having recovered a judgment against the defendant corporation, upon the return
It is contended that the obligation or subscription of Joseph w?.s in violation of Article XIV, § 6, of the constitution, and Code, § 1662 ; and under these provisions of the law, as construed in Williams v. Evans, 87 Ala. 726, 6 South. Rep. 702; Tutwiler v. Coal, etc. Co., 89 Ala. 399, 7 South. Rep. 398, the subscription is null and void. The word “ bonds,” as used in the constitution, is omitted from section 1662 of the Code, but -the same principles of law apply in either case. If the Montgomery Furnace & Chemical Company was organized with a capital stock of $400,000, each share of the par value of $100, whether of this amount the Montgomery Land & Improvement Company subscribed and received 100 shares or 300 shares, and the Standard Charcoal, Iron & Chemical Company subscribed for and received 3,900
The sole question, then, is, did Joseph’s subscription for $1,000 of first-mortgage bonds create such an obliga
Reversed and remanded.