—describing agreement between two railroad companies in which they agreed " `to fully merge and consolidate the [ir] capital stock, powers, privileges, immunities and franchises

—the Illinois Supreme Court noted that "[w] hile [a consolidation of an Illinois and Wisconsin corporation] created a community of stock and of interest between the two companies, it did not convert them into one company, in the same way, and to the same degree, that might follow a consolidation of two companies within the same State

Executed Contracts-Ultra Vires-Corporations Estopped.-When a corporation has entered into a contract and actually received the consideration, it is held that it is estopped to set up the defence of ultra vires.

The objection that the consolidation of the railroad companies of different States to form the present defendant could only be effected or made under and by virtue of an act or acts of the Congress of the United States, and not of the different States thereof, is wholly untenable

State with respect to its property and franchises therein and subject to taxation in conformity with the laws, and to the exercise of the police power, of such State. ³ The property of each constituent corporation remains subject to taxation in the same manner as before the consolidation. Each State, designed to make it a unit in each and was executed, and operated as a …

—that a mortgage of that part of a railroad which lies in one State is the act of the corporation there chartered

"The defendant was one of the constituent companies out of which the association was formed which was entitled to be a new company. As this

Zoelck. indebtedness is whatever title the mortgagors had, and the extent of that title is not here open to inquiry by appellants.

SEAL.-Where there is no contrary provision, acts within the range of legitimate purposes are good without a seal.

[PDF] IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

[BOOK] A Treatise on the Law of Railroads