Stephen Johnson Field

“ By its charter the minimum capital stock was fixed at $100,000, divided into 1,000 shares, of $100 each, with power to increase it, from time to time, by a majority vote of the stockholders, to two million and a half of dollars. The charter provided that the subscription to the capital stock might be paid 'in such installments, in such manner, and in such property, real and personal,' as a majority of the corporators might determine, and that the stockholders should not be liable for any loss or damages, or be responsible, beyond the assets of the company. ”

“ But where the charter authorizes capital stock to be paid in property, and the shareholders honestly and in good faith put in property instead of money in payment of their subscriptions, third parties have no ground of complaint. ”

“ Previously to the charter, the corporators had been engaged in mining operations, conducting their business under the name and title which they took as a corporation. Upon obtaining the charter the capital stock was paid by the property of the former association, which was estimated to be of the value of $100,000, the shares being divided among the stockholders in proportion to their respective interests in the property. Each stockholder placed his estimate upon the property, and the average estimate amounted to $137,500. ”