Hilliard v. Allegheny Geometrical Wood Carving Co.

Citations

• 173 Pa. 1
• 34 A. 231
• 1896 Pa. LEXIS 650

Syllabus

<p>Corporation — Stockholder—Fraud—Laches.</p> <p>A stockholder who is the secretary of a corporation and who, through possession of the minute book, and from other sources, has full and complete knowledge of the organization of the company, and the details of its business, cannot, after the delay of a year and a half, and after the company has become insolvent, set up as a ground for a claim against the officers of the company who sold him his stock, that he was induced to buy it by false and fraudulent misrepresentations upon their part, and that the company had been fraudulently organized, inasmuch as the ten per cent in cash required by the act had not in reality been paid in.</p>