Gregory v. J. T. Gregory & Son, Inc.

Beasley, Judge.

J. T. Gregory & Son, Inc., was created in 1963, with J. T. Gregory, Sr. and J. T. Gregory, Jr. as the sole shareholders. Gregory Sr. as president and Gregory Jr. as vice president ran the corporation together from 1963 until 1966, when Gregory Sr. accepted other employment but remained as president and director throughout. From 1966 until 1982, Gregory Jr. managed the corporation alone. In 1964 all of the original papers of incorporation were destroyed in an office fire. In 1982 Gregory Sr. reappeared and asserted his ownership of 51 percent of the shares of the corporation. He…