Baker v. Mutual Loan & Investment Co.

Oxner, Justice.

This action was brought by the receiver of the Mutual Loan and Investment Company, a South Carolina corporation, upon an obligation executed by the directors on April 9, 1943, whereby they jointly and severally agreed to repay to said corporation the sum of $5,591.72, representing the aggregate amount paid as dividends to the preferred stockholders.

The corporation was organized in 1939 for the purpose of making loans on automobiles, refrigerators and other personal property. The capital structure consisted of both common and preferred stock. The principal organizer was one J.…