American Refining Co. v. Staples

Plaintiff in error, American Refining Company, was incorporated as a no par value stock corporation under the laws of-the state of Deleware, with authority to issue 100,000 shares of stock. Fifty thousand of these shares were issued and the corporation received in payment therefor certain physical properties situated near Wichita Falls, Tex., consisting of a 5,000-barrel capacity refinery, certain pipe lines, pumping stations, tank cars, producing oil and gas leases, and nonproducing leases, of the aggregate value of 13,446,443.56. At the time this property was transferred to the corporation,…