McGrath v. Moody

Defendant became the nominal owner of 10 shares of stock in the Peoples Wayne County Bank of Wyandotte in order to qualify as a director and thus conform with the law which provided that every director must own in his own name such shares of the bank stock, the par value of which shall not be less than $1,000, and that he take and subscribe to an oath stating that he is the owner in good faith of such qualifying shares. 3 Comp. Laws 1929, § 11911. As a matter of fact, all of the shares of the bank were owned or controlled by the Detroit Bankers Company with whom defendant made a purchase…