Cases argued and decided in the Supreme Court of Texas, during the latter part of the Tyler term, 1874, and the first part of the Galveston term, 1875. Volume 42. Page: 541
viii, 704 p. ; 22 cm.View a full description of this book.
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1875.] THE GALVESTON CITY COMPANY V. SCOTT. 541
Statement of the case.
Johnson, Thomas Green, and Levi Jones, for the formation of
the Galveston City Company. The property to be represented
by one thousand shares of stock, to be issued by these trustees
-the stockholders to elect directors, who should hold theland,
survey it up, divide it into lots, etc., and proceed with their sale.
The plaintiffs contended that this trust-deed contained a
legal recognition of each and every share issued by David
White as valid shares, already executed and in existence, and
entitled to recognition as part of the stock of the new company,
and that those trustees and the subsequent company have
ever since been in the recognition and under the obligation of
this trust for the David White shares. The defendant, on the
contrary, insisted, that whilst it was true, as a practical matter
of business, that payment to White had to be provided for,
and that what was supposed to be ample means for a settleinent
with White and claimants under him, were provided,
that any recognition of the validity of the White stock would
have been absurd, and was avoided in the most careful manner.
The entire one thousand shares of stock, representing all the
capital and rights of the company were issued by the trustees
-known as the "trustee stock." One of the books, of two
hundred shares, was delivered to the Virginia parties. Another,
Mienard reserved to himself to settle with White and claimants
under White, and reported in 1838 or 1839, that this was done,
leaving about seventeen shares of that book, which were also
issued in those years. The company continued to be managed
by directors from 1838, and the stockholders were incorporated.
From 1838 to the trial, the only stockholders ever known to
the Galveston City Company, before or since incorporation,
recognized by it, or represented by it in any manner or form,
having vote, management or interest in the company, were the
"trustee stock," issued by Johnson, Green, and Jones, or two
of them, and its re-issues, since authorized. No such thing as
David White stock had been known, nor, according to the evidence,
would have been recognized as having any status or interest
whatever. David White shares in Galveston City stock
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Texas. Supreme Court. Cases argued and decided in the Supreme Court of Texas, during the latter part of the Tyler term, 1874, and the first part of the Galveston term, 1875. Volume 42., book, 1881; St. Louis, Mo.. (https://texashistory.unt.edu/ark:/67531/metapth28531/m1/549/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .