Chappell v. Lowe
Supreme Court of Georgia
Equitable petition. Before Judge Bell. Fulton superior court. July 13, 1915. On May 5, 1910, a charter was obtained for the incorporation of the Primo Motor Company, with a minimum capital stock of $200,000. On May.7 the charter was accepted by the corporators at a meeting at which $17,000 of the subscribed stock was represented. The corporators at that meeting subscribed for certain shares of stock, but have never paid for them.
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Equitable petition. Before Judge Bell. Fulton superior court. July 13, 1915. On May 5, 1910, a charter was obtained for the incorporation of the Primo Motor Company, with a minimum capital stock of $200,000. On May.7 the charter was accepted by the corporators at a meeting at which $17,000 of the subscribed stock was represented. The corporators at that meeting subscribed for certain shares of stock, but have never paid for them. On July 18, 1910, stock certificates in the amount .of $2,000 were issued to each of the incorporators for alleged services rendered in the organization of the…
1Opinion of the CourtEvans, P. J.
(After stating the foregoing facts.)
1. The applicants for the charter of the Primo Motor Company, immediately on the grant of the charter, held a meeting, accepted the charter, and elected officers. At that meeting only $17,000 of stock was represented, and the minimum stock had not been subscribed for. The corporation was illegally organized; nevertheless they proceeded to do business, and to solicit subscriptions to stock. Among others who subscribed after organization was the demurrant. He signed an application addressed to the Primo Motor Company, subscribing for stock, and promising to *720pa…
2Cases cited10 opinions
- Georgia Southern & Florida Railroad v. Mercantile Trust & Deposit Co.Supreme Court of Georgia · 1894
- Burns v. Beck & Gregg Hardware Co.Supreme Court of Georgia · 1889
- Howard v. GlennSupreme Court of Georgia · 1890
- Moore v. RipleySupreme Court of Georgia · 1899
- Allen v. GrantSupreme Court of Georgia · 1905
5 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Lowe v. ByrdSupreme Court of Georgia · 1918
- Sanders v. CulpepperSupreme Court of Georgia · 1970
- Downey v. ByrdSupreme Court of Georgia · 1930
- Bank of Morgan v. ReidCourt of Appeals of Georgia · 1921
- Greer v. JacksonSupreme Court of Georgia · 1917
8 more not listed; retrieve them via the Exa API.