Black v. . Copper Co.

The following facts were found by the referee:

"1. That all the assets that came into the hands of the receivers have been applied to the payment of certain judgments, under order of court.

"2. That the capital stock of the defendant corporation at its organization was $1,500,000, and that the same was divided into 150,000 shares, of the par value of $10 each, and that said capital stock was issued to the corporation as full paid up stock, as allowed by its charter.

"3. That the said capital stock was never paid in cash, but was issued to the corporators in proportion to their several interests…