State ex rel. McCoy v. Farmers' Co-Op. Packing Co.

Defendant Farmers’ Co-operative Packing Company became incorporated under the laws of South Dakota in July, 1917. At about the month of June, 1922, it had com*629pleted the construction of a packing plant near Huron at an approximate cost of $750,000. The stockholders, officers, and directors were never able to secure financial means to operate the plant. On March 6, 1925, it was adjudged bankrupt, and on June 29, 1925, the plant was sold at bankruptcy sale for $751,000. On February 1, 1926, the state’s attorney of Beadle county, on relation of himself and certain stockholders of the corporation,…