Hoopes v. Basic Co.

Stevenson, V. C.

(orally).

This is a bill filed under our Corporation act to have the defendant corporation, the Basic Company, declared insolvent and placed under disabilities in reference to the exercise of its franchises by an injunction and a receiver appointed. At the start the question was raised whether either of the complainants was qualified under our statute to bring this suit. One of the complainants alleges that he is a stockholder holding one share of stock» of the par value of $10, the total capital stock being $1,000,000, par value. The other complainant, alleged to be a…