Kirby v. Wilson

MOORMAN, Circuit Judge.

The Zenith Tire & Rubber Company was organized under the laws of Delaware. Shortly after it was organized the appellee Harris advised the board of directors that he would expect $250,000 of the common stock of the company as a compensation: for himself and his associates (also appellees) for the work which they had done preliminarily to organizing the corporation, and for their services as officers and directors in financing it. At the same time he submitted to the board a statement from the department of securities of the state, showing that the certificate of…