...therefor, by company officers seeking to enrich themselves at the expense of innocent and conQdIng Investors. One of the legislative purposes In the...These purposes we have already enumerated In quoting the statute; the last being for the discharge or lawful refunding of Its obligations. In regard to...

...investigation of the facts it is found that they were not for the purposes of the corporation enumerated by statute and reasonably required therefor. We do not...stock and bonds for other than the statutory purposes. * » * if * * * the purpose and intent of the statute" was to substitute the comissioners for the directors...

...judgment for that of the hoard of directors or stockholders of the corporation as to the wisdom of u transaction, but that it was designed to make the...prevent the Issue of stock and bonds for other than statutory purposes ; these purposes we have already enumerated in quoting the statute, the last being...

...think the legislation alluded to was designed to make the commissioners the financial managers of ttie corporation, or that it empowered them to substitute...and bonds for other than the statutory purposes." And at page 12 the court fui-ther said: "It was, therefore, evidently the legislative intent in the...

...designed to make the Commissioners the financial managers App. Div.] First Department, April, 1910. of the corporation, or that it empowered them to substitute...prevent the issue of stock and bonds for other than statutory purposes." The purposes for which the relator seeks to issue its stock and bonds are all...

...the corporation as to the wisdom of a transaction, but that it was designed to make the Commissioners guardians of the public by enabling them to prevent the issue of stocks and bonds for other than the statutoiy purposes. "It was, therefore, evidently the legislative...

...to protect and enforce the rights of the public. It made the commissions the guardians of the people by enabling them to prevent the issue of stock and bonds for other than statutory purposes or in appreciable or unfair excess of the value of the assets securing them." We...

...enumerated by the statute and reasonably required therefor. Opinion of the Court, per HAIGHT, J. [Vol. 197. We do not think the legislation alluded to was designed...these purposes we have already enumerated in quoting the statute, the last being for the discharge or lawful refunding of its obligations. In regard to...

...of the board of directors or stockholders of the corporation as to the wisdom of a transaction : bnt that it was designed to make the commissioners the...prevent the issue of stock and bonds for other than statutory purposes." The purposes for which the relator seeks to issue its stock and bonds are all...

...(Judge Collin writing the Opinion) said: "It [The Public Service Commissions Law] made the Commissions the guardians of the public by enabling them to prevent the issue of stocks and bonds for other than statutory purposes, or in appreciable and unfair excess of the value...