Utah Supreme Court October 4, 1897, No. 835 (Colorado Fuel & Iron Co. v. Western Hardware Co.)

Miner, J.:

The defendant the Western Hardware Company was a corporation organized under the laws of Utah, with a capital stock of $30,000, divided into 300 shares of $100 each. One hundred and fifty shares of this stock were , held by five stockholders, who were also directors in the corporation, and tire balance of the stock was owned by the corporation, and was not issued.