HUXMAN, Circuit Judge.
H. T. Lockwood, Inc., a California corporation, was organized in 1925. Respondent was not one of the incorporators. The corporation issued him fifty shares of capital stock, for which he paid $5,000. This it had no legal right to do, since the permit under which it operated limited the sale of stock to incorporators. The stock certificates evidencing this interest were void and conferred no title or interest in the corporation under the California...
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