Laing v. Hutton

It appears from the testimony that a resolution adopted by the stockholders and directors provided that this stock which they had subscribed for was to be issued to them as fully paid and non-assessable in consideration of such use of their names and services to be rendered in connection with the organization of the corporation. In effect it is claimed by defendants that their stock was paid in full in the manner stated. The strongest evidence we find in favor of defendants is the evidence that at a meeting at which the matter of the stock subscriptions and their value was discussed, as Mr.…