Granger & Co. v. Allen

Hobbs, P. J.:

The American Railway Brotherhood Association, Inc., was duly incorporated in this State in March, 1916. Its authorized capital *368stock was $100,000, to consist of 20,000 shares of a par value of $5 each. Its business was the operation of a general department store. After the certificate of incorporation was filed it received subscriptions for its stock from the defendants, most of whom subscribed for 20 shares each and paid to the corporation at the time of subscription $10, or ten per cent of the par value of the stock subscribed for. The subscription agreement provided that the…