Lindsley v. Farmers Exchange Investment Co.

The trial court found: That on March 9, 1921, the Farmers Exchange Bank and its directors caused to be incorporated under the laws of Wisconsin, the Farmers Exchange Investment Company for the sole and specific purpose of acquiring a site for a hew bank building, to finance it by a bond issue, and turn the equity over to the bank, which transaction was completed on or before December 11, 1924; that upon completion of this transaction, the Investment Company was without assets and was functus officio so far as the original purpose was concerned. That the authorized capital of the Investment…