Leelanau Transit Co. v. Houdek

The Traverse City, Leelanau & Manistee Railroad Company owned a railroad less than 25 miles long, running from Hatch’s crossing in Grand Traverse county to Northport in Leelanau county. It was not a paying proposition and its abandonment was •contemplated. In the spring of 1919 the merchants and farmers served by it conceived the organization of a new company to take it over. Plaintiff was organized as such company. Before the organization of the corporation was completed those interested solicited subscriptions for the stock. Each defendant signed a subscription for the stock and at the same…