Subscription (finance)

“ They often did so on a scandalously inadequate subscription. To remedy this abuse the Allotment of shares. Companies Act 1900 (Companies (Consolidation) Act 1908, s. 85) provided that no allotment of any share capital offered to the public for subscription is to be made unless the amount fixed by the memorandum and articles of association and named in the prospectus as “the minimum subscription” upon which the directors may proceed to allotment has been subscribed and the application moneys—which must not be less than 5% of the nominal amount of the share—paid to and received by the company. ”

“ The sum at first suggested as a necessary revenue from private subscription was £12,500, but the company present at the first meeting was so enthusiastic that it definitely promised annual subscriptions amounting to £25,000. ”

“ In Angell and Ames on Corporations, sect. 534, it is said,--
'When an original subscriber to the stock of an incorporated company, who is so bound to pay the instalments on his subscription from time to time as they are called in by the company, transfers his stock to another person, such other person is substituted not only to the rights, but to the obligations, of the original subscriber, and he is bound to pay up the instalments called for after the transfer to him. The liability to pay the instalments is shifted from the outgoing to the incoming shareholder. ”

“ The respondent, a director of the company, was a subscriber to the fund in the sum of $305,000. At the time of the subscription, respondent believed that the 'Segal matters' had a potential value which could be converted into a sum sufficient to repay the subscribers the amount of their subscriptions with interest, and possibly some profit. ”

“ The transaction by which the appellant professes to have paid up his stock subscription is, shortly, this: He gave to the company his check for the full amount of his subscription, namely, $5000. He took the check of the company for $4250, being the amount of his subscription less the 15 per cent. required of each stockholder to be paid in cash, and he gave his note for the amount of the latter check, with good collateral security for its payment, with interest at 7 per cent. per annum. ”

“ There were always extra subscriptions made for him."
"I never gave any thing more than my regular subscription and pew-rent."
"It is more than I can say, then. In presents of one kind and another and in money it never cost me less than from fifty to seventy-five dollars a year extra. ”

“ It requires no argument to show that if a company cannot, by agreement in any form, when in insolvent circumstances, release the obligation of a subscriber to its stock, much less can it attain the same end by declining to accept payment of his subscription ”

“ As contracts for subscription to stock contain no stipulation with reference to the rights of creditors and depositors, it is clear that such rights can only be asserted upon the theory that the subscriber impliedly bound himself to respond to any liability arising indirectly from his contract of subscription. ”

“ Its assets consisted of amounts aggregating $480,921.25 unpaid and overdue on subscriptions to its stock. The subscription of each stockholder was contained in a separate contract which provided for payment unconditionally at specified dates. ”

“ Not only has the candidate for membership to find these sureties for the protection of his creditors, and as a guarantee of his status, but he has, of course, to pay an entrance fee and an annual subscription, all of which money is collected by the Managers for the benefit of the proprietors. The amount of these entrance fees and subscriptions is varied from time to time by the Managers; needless to say, the variation has always been in the nature of an increase. At present the entrance fee for a member is five hundred guineas, and the annual subscription is forty guineas. ”

“ In this case, the second sentence of Article 350 (3) shall apply mutatis mutandis.
(2) If a person who has subscribed for new shares fails to pay for the subscription price or to perform the contribution in kind on or before the date set for the payment, his right shall be forfeited.
(3) Paragraph (2) shall not affect any claim for damages against the person who has subscribed for new shares. ”

“ And the conclusion is strengthened by consulting the sixth section of the act, giving to the company the right to pay an interest of six per cent. per annum to the stockholders, on instalments for subscription paid by them, until the railroad should be finished ”

“ For more than half a century nearly all the great books were published by subscription; and the highest in literature felt no degradation in canvassing themselves with their "subscription receipts." It is easy to perceive, by the subscription prices, when the work was set on foot by an author, or his friends, simply as a more convenient mode of obtaining or bestowing money than begging or borrowing; and when there was a real market value given for the commodity offered. The scheme of levying contributions upon subscribers was as old as the days of Taylor, the Water Poet. ”

“ The founders shall
inform the Registrar of such a decision.
Second: Suspended. Third: If it is decided to cancel the establishment of
the company under the provisions of Paragraph First of this article, the
founders shall notify the bank and jointly bear the expenses for
establishing the company. The bank handling the subscription shall return
the money paid by all subscribers in full upon notification and within a
period of not more than 30 days.
Article 44: First: The bank shall be responsible for the soundness of the
subscription process and undertake the following:
1. ”

“ This is of course perfectly natural and was a point which we had fully in mind in formulating the plan of The Brochure Series. And this was one of the main considerations which influenced us in making the subscription price so low. At the price of fifty cents a year, if only a dozen out of the hundred plates are worth buying to a subscriber his year's subscription is justified and is a good investment. ”

“ His promise to pay was conditional, that is, he was to pay $6.25 per share whenever cash subscriptions to the amount of $118,000 should be obtained, and the balance in equal monthly instalments of ten per cent each from the date of the subscription, . . . it being understood that none of said subscriptions shall be valid or obligatory until at least said amount of $118,000 shall have been subscribed and thirty per cent deduction is made in the old stock. ”

“ Be it further enacted, that stock which has been subscribed, or may hereafter be subscribed, by any county, city, or incorporation, to said railroad companies may be payable in six annual payments; and it shall be lawful for county courts, and the corporate authorities of any city or town making such subscription, to issue short bonds, bearing interest at the rate of six per cent. ”

“ Hereafter, in awarding Premiums, we shall make no distinction between new subscriptions and renewals.
2. Premiums are offered for procuring subscriptions—not for subscribing. But the applicant's own subscription or renewal, when he procures one or more other names to send with it, will, of course, be counted.
3. The full subscription price (one dollar and sixty cents) must be paid for each name. No premium is given for subscriptions supplied at club rates.
4. The money must always be sent, with the names, direct to the Publisher. No premium is given for subscriptions sent through agents. ”

“ The man of genius who essayed this bold and successful inroad upon [Pg 28] public credulity merely stated in his prospectus that the required capital was half a million, in five thousand shares of one hundred pounds each, deposit two pounds per share. Each subscriber paying his deposit would be entitled to one hundred pounds per annum per share. How this immense profit was to be obtained he did not condescend to inform them at that time, but promised that in a month full particulars should be duly announced, and a call made for the remaining ninety-eight pounds of the subscription. ”

“ Every member bank is required to subscribe to Class A stock in an amount equal to one- half of one per cent of its total deposit liabilities except that the stock subscription of a member bank hereafter organized shall for the first year of its existence be in an amount equal to 5 per cent of its paid-up capital and surplus. ”

“ It was not to issue notes under $5, and was not to suspend specie payments under a penalty of 12 per cent. There were to be twenty directors chosen by the stockholders, and five, being stockholders, appointed by the Presidefit of the United States. No person might subscribe over 3,000 shares, unless the total subscription should be less than $28 millions. ”

“ In the limited liability company, the value of the new shares
must be paid within 30 days from the issuance of the general assembly's
decision to increase the capital. The increase is achieved by the number
of shares whose value is paid up at the end of the period.
Third: Every shareholder has the priority to buy shares at the subscription
price proportional to the number of the shares he owns. ”

“ If an individual should subscribe to a charitable scheme upon certain conditions as to its organization and control, and those conditions are violated before the payment of his subscription, it can hardly be doubted, that he would be discharged from his obligation to pay it. ”

“ The same authorities hold that one who receives a certificate of stock for a certain number of shares, at a given sum per share, thereby becomes liable to pay the amount thereof when called upon by the corporation or its assignee. Nor is it necessary to sustain the action that there suould have been a subscription for the whole amount named on the articles. ”

“ This subscription was successful beyond all expectation; notwithstanding that it was a question not of lending but of giving the money. It was a purely disinterested operation in the strictest sense of the term, and offered not the slightest chance of profit. ”

“ Inasmuch as the stock has no fixed par value, its sale is recorded for what it fetches. There can be neither discount nor premium. Payment of the subscription may be made, just as in any other case, by means of cash, property, or services, and the same care must be exercised in placing proper valuations on the property taken over. Here there is not the danger of inflating property values to show them equivalent to the par value of the stock issued therefor. ”

“ States announce that such a loan is to be concluded and open subscriptions for their own bills of exchange, that is, for their interest-bearing paper. That they may be within the reach of all the price is determined at from a hundred to a thousand; and a discount is made for the earliest subscribers. Next day by artificial means the price of them goes up, the alleged reason being that everyone is rushing to buy them. ”

“ A subscription list is opened for the purpose of liquidating the debts of the Institution. Those who desire to testify their appreciation of our labours, will kindly send their subscriptions to our esteemed friend Edmond Beales, Esq., 4, Stone Buildings, Lincoln’s Inn, W.C., who has kindly consented to receive subscriptions, and to see that they are applied to the liquidation of our debts. ”

“ The court also found that the company had located its road and graded, bridged, ad tied ten miles thereof before the first day of November, 1869, and that on that day the president of the board of supervisors made the subscription upon the books of the railway company, under and in pursuance of the submission, vote, and resolution aforesaid, the subscription being made upon the terms and conditions aforesaid. ”

“ Two thousand copies, at two dollars a copy, which was to be the subscription price, would pay all the expenses, and if the number of subscribers rose to three thousand, of which there was not the shadow of a doubt in my mind, I would have a clear profit of $2000 the first year. And should it go to four thousand, as was most probable, my net income would be about $3400, for all increase would simply be chargeable with cost of paper and press-work—or about sixty cents on a subscriber. ”

“ Continental or State paper was brought into it as a subscription, for which the subscriber obtained the interest-bearing notes of the bank, payable in six months. The supplies were bought with the currency which the subscriber had brought in. The bills drawn on the Envoys were held as collateral security until Congress should pay for the supplies. ”

“ The subscription price of The Century is $4.00 a year, and single numbers can be purchased of book-sellers and news-dealers everywhere at 35 cents each. All dealers receive subscriptions, or remittance may be made direct to the publishers by postal or express order, registered letter, bank check, or draft. ”

“ Shain, say, 'that it is not intended that counties, cities, or towns shall, by their subscription, form the basis on which a future corporation is to be erected, a nucleus around which aid is to be gathered from other quarters, to construct roads, but that they may, by their subscriptions or loans, aid corporations already in existence.' There is a broad difference between the cases where the subscription is actually made and the bonds are issued in fact after the corporation is complete, and where these things are done while the corporation remains incomplete. ”