Supreme Court of Georgia September 20, 1924, No. 3688 (Holliday v. Persons)

Russell, C. J.

1. Where one subscribes to the capital stock of a proposed corporation in anticipation of its formation, and in the contract of subscription the capital stock is fixed at a given amount divided into shares of a certain amount each, the whole of the capital stock must be subscribed before the subscriber becomes liable on his contract of subscription and before an action will lie to