Indiana State sentinel., 1848-04-06
sUPREME COURT OF INDIANA.
NoUember Term, 1911.

NoUenber Term, lS47.
REPORTED FOR THE SENTINEL BY A NJ cARNAHAS ESQ.
MARCH 23d, lS4S
The Nsuo Castle and Andersonoson Turnpike Co. o. Bell
ct aI.-Appeal from the Madison c. C.
PERKINS. 1.-The defendants portion OF the sockhold-
ers in the New Castle and AndeOnown Turnpike compa-
ny, eEoned the proceedings of the Company in the further
prosecution OF the road in the Court below The Charter Of
the Company contains the following provisions;
Sec as flOws The capital stock Of said corporation
shall be one bundled thousand dollars divided into shares Of
twenty-five dollars each, and said stock shall be personal
property SEC authorizes the taking Of stock by indivdo
ais corporations and the payment in personal property
labor SEC provides for the election Of five directors
after three hundred dollars subscribed it may be
deemed exPedient SEC 10 requires the Company TO COM
mence the construction of the road within hve years. but
allows ten years for its completion. The bill states that the
300 dollars obtained previous TO the I'd Monday IN
August lS45, when The directors elected who located
the road On the Cd Monday Of August, 1885, other dec
tors elected, who obtained further subscriptions Of
STOCK which n addition that previously obtained amount
ed TO the Of twentythree thousand dollars, that
could be obtained that would be impossible raise
the 100000 dollars required by the charter The bill also
sets out understanding the part Of the Aforesaid stock
holders that the road should be extended TO point
the White Water Canal and this their principal motive
in subscribing and also sets forth the hopeessness OF such
extension by the means anticipated The bill also alleges an
informay in the election OF directors Tor the year lS4
The Court below granted injunction restraining all
eedngs in the of the work and until the 100000
dollars should be subscribed.
Held That the Company after the election OF directors
pursuance of g. in full existence and complete in
lis organization and enabled legally TO do all acts required
worth Of stock condition precedent by the charter to
the commencement of operations under it.
Held, also, The charter providing that the capital STOCK
OF said corporation shall be hundred thousand dolars
to be regarded giving permission create 100000 dollars
OF stock and not as compelling IT, That the word "shdH
as used in the charter must from its connection have the
import Of the word That the Company possessed
discretionary authority to commence the performance oil
the work wa less amount Of capital stock than the COM
psny entitled and the commencement of operations up
part Of the authorized capital stock not abuse
Of this discretionary power vested in the Company.
Held, That the alleged fraudulent representations as to
the of the road does not appear have been made
by the Company.
Held further That If the directors illegally elected,
the remedy is at law.
The decree granting the injunction is reversed.
Walker .. BartholomsU.-ETror TO Dearborn c. {. At
frmed.
Thompson .. Neutrality-suspicious. to Dearborn T. c. D-
frmed
Sample ct al The Stdte-Enor to the Fayette c. C.
Affirmed
Bushnell Alerdnder-Appeal from the johnson Probate
Court. Affirmed