Tefft v. Schaefer

— In 1906, the defendant corporation was organized as an ice and shingle company by the plaintiff Tefft, the defendant J. H. Schaefer, and one E. W. Schaefer. Tefft was made president and J. H. Schae-fer secretary-treasurer, and both were employed in the business at a salary of $100 per month. The stock was owned equally by the three organizers. Two years later, the Schaefers disposed of their stock; but later, in 1913, through failure of the purchasers to complete their contract, J. H. Schaefer, together with one G. H. Schaefer, came back into the corporation. At that time the ownership of…