St. Regis Candies, Inc. v. Hovas

Mr. Judge NICKELS

delivered the opinion of the Commission of Appeals, Section A.

STATEMENT OF THE CASE.

Xanthull owned a plant and business. He became associated with ' four other men for corporate purposes. They incorporated as St. Regis Candies, Inc. Xanthull’s plant and business, at an agreed valuation, became the property of the corporation received in payment for 510 shares of “Class A Stock” and forty shares of “Class B Stock” of the corporation. The other associates on their part subscribed for the remaining 490 shares of “Class A Stock” and 210 shares of “Class B Stock.” Inferably — they…