Donalson v. Investors Realty Corp.

The Chancellor.

The substance of the bill is as follows:

Investors Realty Corporation is alleged to have possessed assets of between $45,000 and $48,000, which consisted practically of one mortgage owned by it. Dowling secured stock control of the corporation by purchasing from its officers and directors individually 2,000 shares of its common stock for $6,000 plus 180 shares of common stock of Metropolitan Realty, Inc., and 3,700 shares of its common stock out of its unissued shares at ten cents a share, the purchase from the directors and officers being conditioned on their sale to him of…