Cahall v. Burbage

The Chancellor.

In Lofland v.Cahall, 13 Del. Ch. 384, 118 Atl. 1, the Supreme Court of this State, after reviewing the facts attending the issuance of fifteen shares of the capital stock of Lewes Fisheries Company by the directors to each of themselves, said:

“Our conclusion is, that' the appellants, acting as directors, issued to themselves the ninety shares of stock on September 19, 1911, not only without paying for the same as required by the Constitution, but without any consideration at all. They parted with nothing of value, paid nothing for the stock and had no thought of paying for it.…