William Strong

“ Its object was to prove the existence of the corporation and the increase of the corporate stock. But the existence of the corporation was admitted by the defendant's plea of non assumpsit; and whether the corporate stock had been properly increased was a question the State only could raise. It is well settled, that, in a suit by a corporation, a plea of the general issue admits the competency of the plaintiff to sue as such. ”

“ It makes no difference that the legal owner-that is, the one in whose name the stock stands on the books of the corporation-is in fact only, as between himself and his debtor, a holder for security of the debt, or even that he has no beneficial interest therein. This was ruled in The Newry, &c. Railway Co. v. Moss, 14 Beav. 64. In that case, it was said that only those persons who appear to be shareholders on the register of the company are liable to pay calls. ”

“ The trustees had no beneficial interest, but they were registered as shareholders, and the word 'trustees' added in the margin of the register, and they receipted for dividends as trustees. It was held by Vice-Chancellor Wood that they were liable as contributories to the full extent, and not merely to the extent of the trust estate. It was said, 'A person who is a shareholder is absolutely liable, although he may be bound to apply the proceeds of the shares upon a trust.' In The Empire City Bank (8 Abb. (N. Y.) Pr. ”