Standard Drilling Co. v. Slate

*715Opinion op the Court bV

Commissioner Hobson

Affirming.

In the spring of 1920 E. S. Bell, of Chicago, came to Bowling Green. There J. M. Slate, L. D. Powell, J. K. White and he conceived the idea of organizing a corporation to drill oil wells, Slate, Powell and White agreeing to be promoters and Bell undertaking to act in selling the stock. Oh April 23rd Slate, Powell and White signed and filed articles incorporating the Standard Drilling Company, the capital stock to be $25,000.00, divided into 2,500 shares of the par value of $10.00 each. It was also provided in the articles that the affairs of…