Norfolk Motor Exchange, Inc. v. Grubb

This is an action in assumpsit to recover a balance due on account of a corporate stock subscription.

The plaintiff corporation is a Virginia company, and was chartered on March 11, 1925. Its charter was lodged in the clerk’s office of the Corporation Court of the city of Norfolk on March 26. The purposes for which it was formed, as there set out, were, “To buy, sell and engage generally in the business of dealing in used automobiles and auta vehicles generally and accessories thereto”- — -purposes unobjectionable and legitimate.

The defendant subscribed to fifty shares of stock and paid on…