Tisch Auto Supply Co. v. Nelson

On April 21, 1921, the defendants executed articles of incorporation, pursuant to the provisions of Act No. 232, Pub. Acts 1903 (2 Comp. Laws 1915, § 9017 et seq.). The corporate name assumed was “Majestic Auto Sales Company.” The purpose was to establish and operate garages and storage stations, to wholesale and retail automobiles, motor parts and accessories. The principal place of business was Grand Rapids. The capital stock was fixed at $100,000, of which $44,663 was subscribed; $41,000 was stated to have been paid in in cash and $3,663 in other property. After the articles were signed,…