City Nat. Bank v. Pigg

MARTIN, Justice.

On and prior to the 1st.day of July, 1933, the Farmers’ Co-operative Society No. 1 was a private corporation, duly incorporated under the laws of the state of Texas, and had built and was operating a cotton gin at Wellington, Tex., “for the purposes of ginning and marketing the cotton grown by its member-stockholders.” On said last-mentioned date its capital stock was $10,000, divided into two hundred shares of the par value of $50 each, of which amount M. C. Pigg and eleven others, appellees herein, owned one share each. On said date appellees presented their petition to the…