In re the Petition to Set Aside the Election of Directors of Automotive Manufacturers Ass'n

On the reargument of this application I believe that I was mistaken in basing my prior decision upon the ground that the subscribers to the stock of the corporation did not become stockholders until certificates were issued to them. The cases cited hold that the subscriber is estopped from avoiding his liability to third persons as a stockholder, but it is intimated that by a subscription the party acquires the rights of a stockholder (in addition to the right to have the certificate issued to him) in consideration of the assumption of liability. A party who has merely subscribed for stock…