Adams Const. Co. v. Adams

LAWSON, Justice.

This is an appeal from a decree appointing a receiver for Adams Construction Company, a corporation organized under the laws of Alabama.

The appointment was made by the circuit court, in equity, on the bill of Clarence E. Adams, the owner of one third of its capital stock and the vice-president and a director of the corporation. The other stockholders were J. M. Wainwright and W. K. Dean, who each owned one third of the stock; Wainwright was president and Dean was secretary-treasurer, and both were directors.

The corporation was organized in September, 1946, with twenty-one…