McLean v. Hill

In 1941, Percival Hall and Forrest H. Hill formed the Hydraulic & Gas Engineering Corporation which was chartered and organized under the laws of Delaware and later domesticated in Virginia. There was a paid-up capital stock of ten shares, of $100 each, of which Hall originally owned eight shares, Hill one share, and Mrs. Hazel W. Rudisill (now Mrs. Percival Hall) one share. Later, Hall transferred *348four of his shares to Hill who thus became the owner of 50% of the stock, while Mr. and Mrs. Hall owned the other 50%. Llall was president, Hill vice-president, and subsequently Semmes Chapman, a…