In Re Dissolution of Toynton-Brown Co.

Charles F. Brown and- Ralph E. Toynton prior to February 18,1939, had been individually engaged in the real-estate business in Detroit for many years. On that date they organized a close corporation known, as the Toynton-Brown Company. Charles F. Brown and his wife, Gladys F. Brown, became the owners of one-half of the capital stock and Ralph E. Toynton and his wife, Jennie D. Toynton, the owners of the other half. These parties became the directors and officers of the corporation, Mr. Brown being president, Mr. Toynton vice-president, and Mrs. Toynton after the first year being…