Cobb v. Galloway

There is little, if any, dispute as to the facts, most of which were formally stipulated. The Standard Box Factory, later renamed the Standard Box and Lumber Company, was incorporated under Oregon laws in 1896 with an authorized and issued capital stock in the amount of $20,000, divided into 200 shares of the par value of $100 each. The plaintiff, S. B. Cobb, Charles C. Woodcock and Isaac G-ratton each held one-third of the capital stock. The articles of incorporation provided:

“This corporation proposes to engage in the * * * business of manufacturing lumber, boxes, and all other articles…