In re Wesleyan College

California Supreme Court Jun 15, 1851Published

Before: Bennett

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Holding. The court held that the petitioners satisfied the statutory requirements for incorporation by demonstrating a cash subscription endowment of $27,500 and providing evidence of the subscribers' financial solvency.

Issues

Whether the petitioners complied with the statute of April 20th, 1850, regarding the endowment requirements for incorporation.

Disposition. Petition granted; order of incorporation entered.

Quotations verified verbatim against the opinion

“This we deem a compliance with the statute of April 20th, 1850, and an order will therefore be entered, declaring the trustees named in the petition duly incorporated”

By the Court,

Bennett, J. The petition sets forth that the applicants have procured a cash subscription of Twenty-seven Thousand and Five Hundred Dollars, as the endowment for their institution. The subscription list is annexed to the petition, [448]and affidavits are presented showing that the subscribers are severally worth the respective sums set opposite to their names.

This we deem a compliance with the statute of April 20th, 1850, and an order will therefore be entered, declaring the trustees named in the petition duly incorporated under the name and style of “The President and Board of Trustees of the California Wesleyan College,” with all the powers, rights and franchises conferred by that Act.

In re Wesleyan College

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