SWAN, Circuit Judge (after stating the facts as above).
This controversy involves the application of section 69 of the Stock Corporation Law of New York (Consol. Laws, c. 59) which forbids the issuing of stock or bonds "except for money, labor done or property actually received" — a statute which has previously been before us in Re Waterloo Organ Co., 134 F. 345; Id., 154 F. 657; In re Progressive Wall Paper Corp., 229 F. 489, L. R. A. 1916E, 563; Davis v....
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