The subscriptions to a common object are not usually mutual or really concurrent, and can only be held binding on grounds of public policy. See George v. Harris, 4 N. H. 533, 17 Am. Dec. 446 ; Trustees of Church in Han son v. Stetson, 5 Pick. (Mass.) 506; Com'rs Canal Fund v. Perry, 5 Ohio 58.
A subscription for shares implies a prom ise to pay for them, and this promise sus tains an action to collect, without proof of any particular consideration ; San Joaquin Land & Water Co. v. Beecher, 101 Cal. 70, 35 Pac. 349 ; Rutenbeck v. Hohn, 143 Ia. 13, 121 N. W. 698, 136 Am. St. Rep. 731. An express promise to pay is not necessary in an Eng lish corporation, the statutes providing that the subscription shall be a debt due from the subscriber ; Nashua Savings Bank v. Anglo American Land Co., 189 U. S. 221, 23 Sup. Ct. 517, 47 L. Ed. 782. The signing of the subscription paper is an implied promise to pay the subscription ; Hawley v. Upton, 102 U. S. 314, 26 L. Ed. 179; Planters' & Mer chants' Ind. Packet Co. v. Webb, 144 Ala. 666, 39 So. 562 ; Carnahan v. Campbell, 158 Ind. 226, 63 N. E. 384 ; Merrimac Min. Co. v. Levy, 54 Pa. 227, 93 Am. Dec. 697; even though the subscription was before incorpo ration ; Richelieu Hotel, Co. v. Encampment Co., 140 I11. 248, 29 N. E. 1044, 33 Am. St. Rep. 234 ; Athol M. H. Co. v. Carey, 116 Mass. 471; Peninsular R. Co. v. Duncan, 28 Mich. 130 ; Edinboro Academy v. Robinson, 37 Pa. 210, 78 Am. Dec. 421. The corporation may bring an action at law for damages against a subscriber to a preliminary sub scription list who refuses to take and pay for the stock ; Quick v. Lemon, 105 III. 578 ; Rhey
v. Plank-Road Co., 27 Pa. 261; Mt. Sterling Coal Road Co. v. Little, 14 Bush (Ky.) 429. A corporation may defeat a subscriber's ac tion for stock by proving that it never ac cepted his subscription ; Badger Paper Co. v. Rose, 95 Wis. 145, 70 N. W. 302, 37 L. R. A. 162 ; Starrett v. Ins. Co., 65 Me. 374. But no formal acceptance by the corporation is necessary in order to enforce a subscription; Cozart v. Herndon, 114 N. C. 252, 19 S. E. 158; Da Ponte v. Breton, 121 La. 454, 46 South. 571; Louisiana Purchase Expo. Co. v. Emerson, 163 Mo. App. 465, 143 S. W. 843.
A subscriber for stock in a corporation can not obtain a cancellation of his subscription except by the unanimous consent of the other subscribers ; Steely v. Imp. Co., 55 Tex. Civ. App. 463, 119 S. W. 319 ; Shelby Co. R. Co. v. Crow, 137 Mo. App. 461, 119 S. W. 435 ; except before incorporation ; Muncy Engine Co. v. Green, 143 Pa. 269, 13 Atl. 747. A subscription for stock cannot be enforced unless the subscriber expressly promised to pay, or the charter expressly obligated him to do so; White Mountains R. Co. v. East man, 34 N. H. 124; Mechanics' F. & M. Co. v. Hall, 121 Mass. 272; contra, Windsor E. L. Co. v. Tandy, 66 Vt. 248, 29 Atl. 248, 44 Am. St. Rep. 838.
See CONTRACT.