WHALEY, Judge.
The Bay City Fuel Company was organized February 1, 1919, by R. J. Milling and Noah Schwarz with an authorized capital stock of $100,000. When the company was organized Milling transferred to it two barges at a valuation of $65,000 and received stock of the company to that amount. The only assets which the company had to represent its invested capital were these barges. Milling then sold to Schwarz 100 shares of his stock for $10,000. The company borrowed...
Let's get started

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.