Court of Appeals of Texas May 2, 1963, 6545 (Davis v. Alwac International, Inc.)

McNEILL, Justice.

Monorail, Inc., was organized in Houston in 1955 to develop monorail transportation. Its three moving spirits from mid 1955 through September, 1959, were Murel Good-ell, president, Weldon Appelt, a vice president, and appellant Felix A. Davis, a vice president, director and member of the company’s executive committee. By 1957 Mon

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orail, Inc., was in financial straits.