FOSTER, Circuit Judge.
In this case there is no dispute as to the material facts, which are as follows. Summerville Cotton Mills, a Georgia corporation, owned and operated a textile plant, an ice plant, a gin, a cotton oil mill, and a waterworks system in the town of Summerville, Ga. In October, 1925, the board of directors of the company and its stockholders adopted resolutions by unanimous vote authorizing the issuance of bonds in the aggregate sum of $400,000,...
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