Coleman Hotel Co. v. Crawford

A number of citizens of the city of Coleman were desirous of organizing a corporation, with a minimum capital stock of $50,000, for the purpose of building and operating a modern hotel in said city. In order to consummate such purpose the following subscription agreement was prepared and signed by the interested parties, viz.:

“September 7, 1925.

“We hereby subscribe the amount set opposite our names for the purpose of organizing a corporation to purchase site, qonstruet and own a modern fire proof hotel of not less than fifty rooms in Coleman. This subscription to be valid only upon condition…