McCORD, Circuit Judge.
T. R. Miller Mill Company is an Alabama corporation. On May 26, 1927, at a special directors meeting it was voted that $500,000 of the company's surplus be distributed to its stockholders in amounts proportionate to their stock in the company. At the same meeting the president and secretary of the company were authorized to borrow from the stockholders, or trustees representing the stockholders, the amount so distributed to them.
Subsequent...
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