O'SULLIVAN, Circuit Judge.
In 1946, plaintiff-appellant, James C. Hulette, paid $300.00 for one share of stock of the Frankfort Country Club of Frankfort, Kentucky. He had to do this to become a voting member of the Club. In 1949, by paying an additional $300.00, he exchanged the above share of stock for one share of Class A common stock of the Club, issued as a part of the recapitalization of the Club. This made him a Class A member of the Club. In 1960, the Commissioner...
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