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i t s net earnings, although the value o f i t s mine is thereby dim inished. B u t i t may not s e l l the mine, or any part of i t , and d is tr ib u te the proceeds. In th is sense, and in th is sense only, p ro v isio n s o f law s im ila r to those of section 309 o f our C i v i l code have been held to apply to mining corporation s ." The reason fo r the ru le p ro h ib itin g the d is tr ib u tio n o f the c a p ita l istsask in the way o f dividends is founded upon the r ig h t o f c r e d ito r s to look to the c a p ita l of a corp oration , paid in by the shareholders, fo r the payment of i t s debts. So long as the c a p ita l is not impaired by th is means, c re d ito rs have no r ig h t to complain. Under th is th eory and under the ru les as l a id down in the d e c is io n s , would i t be a d is tr ib u tio n o f the c a p ita l o f a corp ora tion engaged in the sale of r e a l e s ta te to d ecla re dividends under the fo llo w in g circumstances? A c o r­p ora tio n is formed, l e t us say, with a c a p ita l o f f i f t y thousand d o lla r s , paid in . I t s purpose is to engage in the purchase and sale o f r e a l p ro p erty . I t in v e s ts , fo r t y thousand d o lla r s of i t s c a p ita l in one tra c t of lan d, subdivides i t , a d v e rtis e s i t fo r s a le , and as a r e s u lt in a y e a r 's time has disposed of a l l o f i t s o r ig in a l purchase and has on hand in cash, a ft e r the payment o f a l l i t s expenses, d eb ts, e t c . , the sum o f s e v e n ty -fiv e thousand d o lla r s . Can i t be h eld th at the surplus, amounting to tw e n ty -fiv e thousand d o lla r s , forms any p art o f i t s c a p ita l? Does the fa c t th a t i t s o r ig in a l