Brown v. Watson

The issuance of the stock of the corporation in return for entering the corporation’s employ was a violation of section 69 of the Stock Corporation Law (Stevens v. Episcopal Church History Co., 140 App. Div. 570; B & C Elec. Constr. Co. v. Owen, 176 App. Div. 399, affd. 227 N. Y. 569; Palmer v. Scheftel, 183 App. Div. 77; Shaw v. Ansaldi Co., 178 App. Div. 589). While it may be said that special knowledge, experience and contacts in a particular field is sometMng of value, nevertheless it may not be considered as “ property ” witMn the meaning of section 69. To broaden the section so as to…