Gulf States Creosoting Co. v. Southern Finance & Construction Corp.

In January, 1919-, the Meridian & Bigbee River Railway Company was incorporated under the laws of the state of Mississippi, but remained inactive and practically a paper corporation until the latter part of the year 1926. The capital stock of the corporation was one thousand shares, of which nine hundred and ninety-eight shares were owned by S. A. Neville, who later transferred same to his son, Gr. N. Neville, without the payment of any money, so that the said S. A. Neville could organize and operate the Southern Finance & Construction Company which he did, and on December 24, 1926, a…