Provident Stores' Receiver v. Tanner

Opinion op the Court by

Commissioner Hobson—

Affirming.

The Provident Stores is a corporation formed in Ohio on June 9, 1926, for the purpose of operating a chain of retail stores. By the articles of incorporation, the stock of the company was limited to 6,000' shares of $1 each. The two attorneys who prepared the articles and two persons in their office took one share each. Louis R. Cranwell took the other 5,996 shares. Five hundred dollars was paid in, and the company began business. It established one store in Cincinnati and three in Kentucky, one of which was at Florence in Boone county.…