Colonial Biscuit Co. v. Orcutt

Citations

• 264 Pa. 40
• 107 A. 315
• 1919 Pa. LEXIS 588

Syllabus

<p>Corporations — BtocJc—Issue of stocJc for services — Directors.</p> <p>In an equity case for the cancellation of stock issued to a director and officer of a corporation, a decree dismissing the hill will be sustained, where the court below finds as a fact that the stock was issued for' services rendered in reorganizing the company, that the value of such services was determined by the directors, and that no fraudulent intent on the part of the directors was shown in connection with the issue.</p>