108 Iowa 313 | Iowa | 1899
— In March of the year 1894, one 0. H. Freeman entered into a contract with Albert Head and others, whereby he undertook to build, according to certain plans and specifications, a creamery plant at or near the town of Adaza, Iowa, for the agreed price of five thousand two hundred and fifty dollars, payable in cash when the plant was completed. The obligation on the part of Head and others was as follows : “We, the subscribers hereto, party of the second part, hereby agree and covenant to pay the above amount of $5,250 to said first party, in cash, for said creamery or butter factory when completed. It is hereby agreed and understood that said building shall be completed within the time stated above in this contract after the amount of $5,250 is subscribed. Any portion of the amount subscribed herein, and not paid according to the contract shall bear interest at the legal rate. As soon as the above amount, $5,250, is subscribed, or within ten days after, we, the subscribers, hereby agree and covenant to incorporate under the laws of the state as herein provided, and we hereby agree to fix the capital stock at not less than the amount of $5,250, to be divided in shares of $100 each. Stockholders of said association to be held liable only for the amount of shares subscribed by them. The parties of the second part agree among themselves to appoint an executive committee to designate such land to the first party, and to confer with the first party from time to time