Bent v. Underdown

The Wabash Soap and Chemical Company was organized under the manufacturing and mining acts,' §§5051-5063 Burns 1894, §§3851-3862 E. S. 1881 and Homer 1897. It was provided in the articles of association that the capital stock should be $50,000, divided into 500 shares of $100 each. It was expressly provided in said articles that only fifteen per cent, of each share of the stock subscribed should be paid in by the stockholders, and that the provision of the articles of association limiting the liability of the stockholders to pay less than the par value of the stock subscribed should not be…