Whicher v. Delaware Mines Corp.

DEEPER, J. —

This action is primarily concerned with the validity of the reorganization of a corporation, whereby it was attempted to convert nonassessable shares of its capital stock into assessable shares. The facts out of which the action arose are as follows: The Delaware Mines Corporation is an Idaho Corporation, organized in 1926, and continuously thereafter existing, in which the plaintiffs are stockholders, their stock being nonassessable by express provision of the articles of incorporation, and each certificate bearing upon its face the words, “Fully paid and non-assessable.” The…