Constitutional. Act of 1897 authorizing merger of gas companies is a valid statute. People v. People's Gas Light Co., 205 Ill. 482. Anti-Trust Act of 1891 and amendments of 1893 (Sections 7a and 7b) held constitutional. People v. Butler St. Foundry, 201 Ill. 236. General incorporation act. Section 25 of the Corporation Act gives a creditor right of action whenever the corporation ceases doing business with debts unpaid. Action on stock issued for over-valued property. Parmelee v. Price, 208 Ill. 544. Beginning action by Creditor's Bill (Section 49 Chancery Act) instead of under Section 25 of Corporation Act, does not extend the statute barring action under Section 25. Parmelee v. Price, 208 Ill. 544. Section 9 of the Corporation Act makes all corporations subject to subsequent laws duly passed, regulating corporations. People v. Rose, 207 Ill. 352. Section 18 of the Corporation Act making persons assuming corporate powers before stock is subscribed, liable, does not preclude creditors from action against all who subscribe for stock. Gunderson v. Ill. T. & S. Bank, 199 Ill. 422 (433). Section 8, Corporation Act, does not hold an original subscriber for stock, where he surrenders same, and it is resold and paid up in full. First Nat. Bank v. Peoria Watch Co., 191 Ill. 128. A director who incurs an indebtdeness in the corporate name before it is fully organized and certificate filed, is liable for the debt. (Section 18 Corporation Act.) Edwards v. Armour Packing Co., 190 Ill. 467. Section 18, Corporation Act, holds persons acting as directors, or otherwise, before stock is subscribed, liable for debt, jointly. Kent v. Clark & Co., 181 Ill. 237. Section 12, Corporation Act, continues the life of a corporation after dissolution for recovery of claims against it. Singer & T. Co. v. Hutchinson, 176 Ill. 48. Section 20, Corporation Act, invalidating acts done by a meeting of directors held outside the State, is for benefit of stockholders and also creditors. State Nat. Bank v. Union Nat. Bank, 168 Ill. 519. Section 18, Chapter 32, holding officers for debts before complete organization considered. Loverin v. McLaughlin, 161 Ill. 417 (428). Section 13 of Corporation Act requiring books of account to be kept at the office of corporation in this State considered. North & S. Rolling Stock Co. v. People, 147 Ill. 234 (251). City and Village Act. Clause 89, Section 1, Article 5, City and Village Act, authorized cities to condemn way for a street across railroad tracks. C. & N. W. Ry. Co. v. City of Morrison, 195 Ill. 271. Street railway's power of eminent domain was limited by the Act of 1874 (Horse and Dummy Railway Act). (But see act of 1899, Street Railroads.) No such power was given by the act of 1872. Harvey v. Aurora & G. Ry. Co., 174 Ill. 295. Article 5, Section 1, Clause 90, of City and Village Act gives abutting owners no new rights of injunction. Doane v. Lake St. "L" R. R. Co., 165 Ill. 510 (524). Paragraph 25, Section 1, Article 5, City and Village Act, giving cities power to regulate railroads and change their location, grade, etc., does not apply to street railways. Harvey v. Aurora & Geneva Railway Co., 186 Ill. 283. Section 35 of the Railroad Act and Clause 27, Section 1, Article 5, City and Village Act, relate to the same matter (flagman at crossings), and are construed together. Village of Altamont v. B. & O. S. W. R. R. Co., 184 Ill. 47. Paragraph 25, Section 1, Article 5, City and Village Act, giving cities power to regulate railroads and change their location, grade, etc., does not apply to street railways. Harvey v. Aurora & Geneva Railway Co., 186 III. 283. Telegraph and telephone act. How far relates to individuals. Village of London Mills v. White, 208 Ill. 289. Of limitations. Statute as to time to file claims against estate does not run against assessment of bank stock belonging to an estate. Mortimer v. Potter, Receiver, 213 Ill. 178. Lack of knowledge by a creditor that stock was issued fully paid for over-valued property does not affect the Statute of Limitations to such creditor's debt, unless there is fraudulent concealment. Parmelee v. Price, 208 Ill. 544. Statute of Limitations runs against creditors in favor of stockholders paying for stock with over-valued property. It begins to run as soon as the debt to the creditor is due, and runs five years under Section 15, Limitations. Parmelee v. Price, 208 Ill. 544. Statute of Limitations-where creditors have two possible actions against a corporation, to collect the same debt, the statute begins to run against both remedies as soon as a right of action accrues on either one. Parmelee v. Price, 208 Ill. 544. Miscellaneous. Where statute of another State is adopted in Illinois, the assumption is that the interpretation of it made in that State is also adopted, unless in conflict with Illinois law. Rhoads v. C. & A. R. R. Co., 227 Ill. 328. All corporations are subject to regulation by subsequent general statutes. People v. Rose, 207 I11. 352. Statutes stating the conditions under which corporations, domestic and foreign, may do business in Illinois, are valid. Franklin Life Ins. Co. v. People, 200 I11. 619. Clause 4, Section 3, Revenue Act, construed. Greenleaf v. Board of Review, 184 Ill. 226 (228). Special laws as to corporations are enforcible only in the States where enacted. Creditor of an insolvent Kansas Bank cannot sue in Illinois and claim under a Kansas statute. (Three dissent.) Tuttle v. Nat. Bank of Republic, 161 Ill. 497. A special statutory remedy given against stockholders in Kansas cannot be enforced against stockholders of a Kansas corporation who reside and are sued in Illinois. Fowler v. Lamson, 146 Ill. 472 (480). STOCK. GENERAL INFORMATION AS TO. CONSTITUTIONAL PROVISION. STATUTES AS TO PAYMENT OF INSTALLMENTS. ASSESSING. EXECUTION AGAINST STOCK. TRANSFERING. HELD BY EXECUTORS, ETC. LAW AS TO REDUCING Capitalization. OWNERSHIP OF. BUYING AND SELLING BY THE COMPANY. INCREASING CAPITALIZATION. ASSIGNMENT OF. ASSESSMENT OF. PAYING FOR IN PROPERTY, PATents, etc. GARNISHMENT-ATTACHMENT-EXECUTION. WARRANTY OF ON SALE. FRAUD IN SALE OF. SURRENDERING TO CORPORATION. PLEDGING AS SECURITY. ISSUING "FULLY PAID." LIABILITY ON. AS TRUST FUND FOR CREDITORS. In general. Stock in a corporation is issued as evidence of who is entitled to share in the profits of the company, to elect the officers, and direct the general conduct of the business by vote at the stockholders' meeting. The evidence of ownership is the stock certificate which, being an instrument in writing, must be properly made out and signed in order to pass title |