Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1892-07-20
POPULAR TALKS ON LAW.
Subscriptions to Stock.

NJ WA. Pksouk, keQ
What is the nature of the obligation
ene ~sss,mea, or does he assume ANY
legal obligation, in signing his name
| Ia q subscription Tor stock 10 u corr or
xtion not et forna~ds Is i, u proLssal,
On his part, which he May Withdraw
at pleasure. ls 1t Y ohe-S:6ed agrcr-
meat, or M agreement without con
sideratinn, or y condiuonal promis.
| which may or may not be binding ur-
Oh the signer sccording AZ he skall
subsequently, ch""se. 1t may be
fairly stated tina. many names placed
upon stock subscrip,lsn papers are 81
placed without any definite csmpre.
hensiSn of the nature 3f The trsnsnc-
ton, and Ct its legal effect. This is
aprarent to any one who hxs been lh.
prom etsr of corporation enterprise
and has had in charge the sslicl'ing oi
suhscript,sns thrrets. A few words
in the direction suggested cannot fai!
ts be of interest and profit 10 III,
public, inssmuch As corporate enter.
,rises have became SO numerous thai
there is scarcely An individual. how
scever humble his circumst nnces, hui.
al nus time or another, has been
solicited. or hecn tempted, 10 bee"m'
Y subscriber {" the capital stock Of y
corporation. What then isa .ubscrip-
tiou to siock' II navy be stated TO b.
y promise by the sutsci iber, to take
and pay for the shares for which hc
subscribes upon q consideration sufil-
cient and valid 10 support II. The
nature ef this consideration Wv shall
discuss later On. More fully. til,
premise il one to take and pay for ih,
shares wa the terms Of the subscription
papers, and Of the act under whicl
the company is organized. Its usual
TO slate In the subscriptions paper what
net il is intended To use in organlznr
and II that act makes the stack b Older.
Individually liable for the dvhis, the,
are thus liable. even although the,
havo so' done anything beyond th.
Ngning Vt the subscriptions paper. II
other words. sub.cripti0u to tb.
stock means more than an assent 10 ih,
mare PROPOSAL to fern corporation
for certain purposes. 1t means ia.
same ~ II all the provisions of III.
statute under which It is proposed Il
organize were part of the agrc~men'
sigusd. The agreement of the s1t-
scriber 10 io take the number If share
sst opposite his name, and To pay f"I
them according to the provisions ni
the act. The Subscription mxy /"
made an condition, ~ for instance.
that the amount subscribed shall reacl
a certain sum, and it has been hel
that, in the case of tho conditibn mrn.
toned, il must be intended To mrs
fnir subscriptions, such y, may pral
ably be collected. A. to thu f"rn
subscription. all that is required i,
that it shall indicate the iai-nIinn OF
the subscribers to b~cs,ne stUcEhcldrr
and the nun her vt shares resprctivel
taken by them. The several sub.
scr,brrs ~ay sign separate instruments
they being c.pies VI each other. aud
| they will he regarded M one and 'h.
same instrument, and where = siatui,
requires ,ha, subscription boaks sha'
bc opened, il has been held that one al
several sub.criptisn papers consiiiut
n " bsok' within the meaning of tn
statute. The signrr Of n subscription
paper before the organization Ot III,
corporation il campleie, cannot with.
draw his subscriPlio without the cnn.
sent Of the suh,crii rrs, and, though b,
has erased his name, the corporate,
can ccllect his subscription. This ha.
rot been declared t, DO the. law witt.
out exceptions, hut 1t has been he'll
universally that where the iacorp"rn,
ing Of the company was completed
before the subscriber attempted 10
withdraw his subscription, he had l.sa
the righ, to do so. When one ha,
signed articles Of association, he has
entered into contract which 10 moi
opea TO revocation. Tho ether sub
scribsrs have an interest in tho exscu.
,ion and performance by each sub
scrlber of bis agreement, and after tht
incorporation has begun a legal exist.
ence il has acquired n vested intrr.s'
in each subscribrr's agreement. Tn,
subject wall be continued ia further