Country Club Real Estate Improvement Co. v. Estate of Gillham

In the latter part of 1927, Fred C. Gillham, now deceased, and 50 others, entered into a subscription agreement for stock in a corporation to be organized to further the purposes of the subscription, which was not to be binding until the aggregate of the subscriptions should amount to $150,000. The corporation was organized under the name of Country Club Real Estate Improvement Company, with a total authorized capital of $50,000. Each of the 51 subscribers agreed to take 30 shares of stock of the corporation, of the par value of $100 each, upon its incorporation, to be paid for as follows:…