Morrison Waite

“ For this reason, it was held that 'its acceptance after the organization of the State, so far as it is a contract, makes it manifestly a contract with the State.' p. 605. The ground on which the decision was placed is that, as the act of incorporation had not been accepted when the territory ceased to exist, there was no contract between the corporation and the territory; but the State Constitution having continued the act in force, it became thereafter a State statute for the incorporation of the company, and, as such, subject to the reserved power of alteration and repeal. ”

“ The first section of the act appoints commissioners to receive subscriptions to the capital stock. The second section provides:--
'That the capital stock of said company shall be $100,000, in shares of $100 each ”