Myrtle Point Mill & Lumber Co. v. Clarke

It is a conceded fact that the defendant, together with J. O. Stemmier and eight others, signed the following agreement:

“Myrtle Point, Oregon, March 15th, 1918.

“We, the undersigned, do hereby subscribe to the amount of the capital stock, set opposite to our respective names towards forming a corporation to be known as ‘Myrtle Point Mill & Lbr. Company, Inc.’ with a capital stock of $25,000.00, to be divided into 250 shares of the par value of $100.00 per share, and agree to pay for same as follows: 40 per cent in 30 days; 40 per cent in 60 days and 20 per cent in 90 days. ’ ’

The defendant…