Smith v. Dickieson

This is an appeal from the •decree of the court below overruling the demurrer of the appellants to the appellees’ bill as amended.

The complainants in the court below were interested as stockholders' in a corporation organized under the laws of this state in 1891, known as the Kaolin Land Company. The corporation was capitalized at $50,000, but only $21,600 par value of the stock was sold, and this amount was invested in the purchase of the land described in the bill, and tbe making of openings thereon preparatory to the operation of clay mines. A reasonable construction of the bill’s…