Woods Motor Vehicle Co. v. Brady

The defendant and several other persons signed the following agreement, to-wit: “ We, the undersigned, in consideration of the mutual covenants and agreements hereinafter contained, hereby subscribe for the number of shares set opposite our respective names, of the seven per cent, preferred, noncumulative capital stock of a corporation to be organized under the laws of the State of Hew York, for the purpose of dealing in automobiles and motor vehicles, which corporation is to have a capital stock of three hundred thousand dollars ($300,000), of which one hundred thousand dollars ($100,000)…