Johnston v. National Sand & Gravel Co.

This is an action to reinstate 250 shares of the capital stock of the defendant corpora: tion, canceled by resolution of the bpard of .directors for alleged want of consideration. The judgment below was for plaintiff, and defendant appeals.

The stock was issued in consideration of a lease to explore for gravel on certain lands in Tangipahoa parish, described as bounded on the east by the Tangipahoa river. In point of fact, the owner of the land, who-had granted the lease to plaintiff, who assigned it to defendant, had previously sold to another gravel company a strip some 200 feet wide…