Publisher's Synopsis
Excerpt from Lackawanna Jurist, Vol. 8
A secret collateral contract between a corporation and a subscriber to its stock which provides that he shall not be bound by his subscription, or which substantially varies its ostensible terms, is void and leaves the subscription unaffected.
The rule rests on the ground that such conditions are in a nature cf secret agreements with particular subscribers which are a fraud on other subscribers and sometimes upon the public. Such agreements, however, is fraudulent in law and not fraudulent in fact. Such an agreement is perfectly honest and is enforcible between parties to itz - Scranton Luna Park Association vs. Her man Osthaus. 345.
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