Appellate Court of Illinois March 9, 1938 (Country Club Real Estate Improvement Co. v. Estate of Gillham)

Mr. Justice Edwards

delivered the opinion of the court.

In the latter part of 1927, Fred C. Gillham, now deceased, and 50 others, entered into a subscription agreement for stock in a corporation to be organized to further the purposes of the subscription, which was not to be binding until the aggregate of the subscriptions should amount to $150,000.