This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890. Excerpt: ... 220 JOHN HANCOCK, &c. CO. V. WORCESTER, &c. RAILROAD. 149 The dates of the last dividends declared by the two corporations are said to have been different. But the Legislature contemplated equality. It dealt with the shares in both of the old corporations as exactly equal to the shares in the new. These were to be exchanged share for share, and "upon such other equal terms for each such share as may be mutually agreed upon." Under such circumstances the addition of the franchise of another corporation to that of the obligor was represented by a determinate number of shares in the new corporation, that is to say, by a number equal to the number of shares in the corporation thus united to the obligor. In substance, the case is not different from what it would have been if the Nashua and Rochester Railroad had been authorized to issue the same amount of full paid stock, and to build an extension of its road over what was actually the Worcester and Nashua Railroad, and then to change its name. It is usual for consolidating statutes to introduce more or less of the element of succession, or continuity of legal person as to existing rights and duties, notwithstanding the fact that in other respects the old and new corporations are not the same; e. g. Boston Providence Railroad v. Midland Railroad, 1 Gray, 340,359; Abbott v. New York New England Railroad, 145 Mass. 450, 453; Pullman's Palace Car Co. v. Missouri Pacific Railway, 115 U. S. 587. It is for the Legislature to say how far the new corporation shall be, as it were, the heir, executor, or continuer of the old. In the case at bar, we have to take into account the intimate connection of the two corporations with each other and with these bonds, the knowledge which the Legislature must be presumed to...

ISBN-13: 9781150036934 ISBN-10: 1150036931 Publisher: General Books Publish Date: February 2012 Page Count: 244 Related Categories