Mercer-Lincoln Pine Knob Oil Co. v. Payne

Opinion of the Court by

Commissioner Hobson

Affirming.

These two appeals on the same record will be disposed of in one opinion.

Previous to March, 1919, D. P. Weeks had taken oil leases on a large acreage in the vicinity of Stanford, Kentucky, and in March, 1919, he organized the Pine Knob Oil and G-as Company as a corporation, with a capital stock of $100,000.00. He transferred to it the oil leases and it issued to him in return therefor $50,000.00 of its stock. It .made an arrangement with Bradley and Kemper by which they were made the agents of the company to sell the stock. In May Bradley and…