Gannon v. Grayson Water Co.

Opinion of the Court by

Judge Clay

Affirming.

Prior to June 25, 1931, certain citizens of the town of Grayson determined to organize a corporation for the purpose of constructing, operating, and maintaining a water system, and stock to the amount of about $20,000 was subscribed under the following agreement:

“We, the undersigned subscribers, whose names are affixed -hereto, do hereby subscribe the within named amount of stock in the proposed water system in the town of Grayson, Kentucky, to be paid to the authorized committee as called for.”

Among the 30 subscribers were G. B. Gannon, whose…