Ecorse Screw MacHine Products Co. v. Corporation & Securities Commission

Leave was granted from a decision of the Court of Appeals which decision is fully reported in 1 Mich App 414. The facts are stated in that report and need not be repeated in full. It is sufficient .to' note that plaintiff filed articles of incorporation December 22, 1959, with authorized capital stock of 50,000 shares having a par value of $1Q per share. In its annual report filed with the com mission on or about May 15, 1960, plaintiff listed assets as of the tax date, December 31, 1959, consisting solely of stock subscriptions receivable in the amount of $350,000 (35,000 shares at $10 per…