Gormley v. Fitzgerald

1. It is not essential that a certificate of stock be actually delivered to the purchaser thereof in order for him to be considered a stockholder in the corporation. Accordingly, where a depositor in a closed bank, in order to facilitate the reopening of the bank, agreed to purchase with a part of his deposit in the bank certain shares of the bank’s stock, and where this was done and the stock was thereafter issued to the purchaser, but not delivered to him, and the bank again closed it doors, he was to all intents and purposes, under the circumstances, a stockholder of the bank. It was then…