Vawter v. Franklin College

Certain persons, of whom the appellant was one, formed themselves into a voluntary association, by written articles, for the purpose of organizing a corporation by the name of “ Franklin College,” the object of which was to *90establish, maintain and operate an institution of learning at Franklin, Johnson county, Indiana. To this association the appellant, amongst others, subscribed five shares of stock of one hundred dollars each. Afterwards, as the complaint alleges, “a majority of the shares of said capital stock met and elected officers and a board of directors, as provided in said articles,…