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Corporations Keyed to Hazen
Wiswall v. The Greenville and Raleigh Plank Road Co.
Citation:
56 N.C. 183 (1857)Facts
The plaintiffs are stockholders in the Greenville and Raleigh Plank-Road Company, which was chartered by the General Assembly and was duly organized by complying with the terms of the said Act; that the said company was incorporated for the purpose of effecting a communication by means of a plank road from within the limits of the town of Greenville in Pitt County, to the city of Raleigh. The company has been for several years in operation and has accumulated a fund of about $4000. The individuals named are the president and directors of the road and they adopted a resolution to purchase the said funds a line of stages wit the necessary appurtenances, to be run as their property upon the said road and to procure a contract from the United States Government for carrying the public mail by such stage line upon the said road. Plaintiffs contend that this would be a misapplication of the funds, which are needed for the repair of the road, or should be divided among the shareholders.
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