Tucker v. Haskins

J. Fred Jones, Justice.

In February 1965, John T. Haskins, a practicing attorney, together with his secretary, Barbara Campbell, and one Bill Stamper, formed a corporation named “Arkansas Products & Equipment, Inc.” The authorized capital stock of the corporation was one million shares, having a par value of ten cents (10c) each. Haskins subscribed to ten thousand shares, Stamper subscribed to ten thousand shares, and Campbell subscribed to one share.

Haskins testified that Campbell and Stamper waived their subscriptions when the articles were issued; this is admitted by Campbell but denied by…