Hay v. Big Bend Land Co.

Prior to 1901, M. E. Hay and E. T. Hay, brothers, were engaged in the mercantile business at Wilbur, Washington. April 1, 1901, the two brothers, together with W. W. Ashley, organized, under the laws of the state of Washington, The Big Bend Land Company, a corporation, to conduct a general real-estate business, to borrow and loan money, to operate farms, and to buy and sell goods, wares, and merchandise. The capital stock of the company consisted of $10,000, divided into 100 shares at the par value of $100 each.

Prior to 1921, the capital stock of the corporation was increased to $750,000,…