Autauga Co-Operative Leasing Ass'n v. Ward

FOSTER, Justice.

The appellee, complainant in equity, is seeking to exercise an option granted in a lease dated March 1, 1940, by W. A. Gunter and wife to the Autauga Co-operative Leasing Association, a corporation. Complainant claims under an alleged assignment of the option.

The corporation is alleged in the bill to have been organized under section 7046, Code of 1923, section 168, Title 10, Code of 1940. No stock was issued nor authorized by law, and its purpose as expressed is “to rehabilitate and render self-supporting the families of its members, by assisting or participating in the…