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Corporations-Application Of Statutes Requiring That Corporate Business Be Managed By Board Of Directors, Bernard L. Trott
Corporations-Application Of Statutes Requiring That Corporate Business Be Managed By Board Of Directors, Bernard L. Trott
Michigan Law Review
In 1942, X corporation and its stockholders entered into an agreement whereby it was stipulated that the management of all theatres leased or operated by the X corporation, or any subsidiary thereof, would be placed in the hands of Y corporation, a large stockholder. This power of management was to include supervising and directing the buying and booking of all attractions, designating and changing the entertainment policy, hiring and discharging employees, and carrying out "such policies or projects as the Board of Directors of the Tenant or its subsidiaries may approve." This agreement was to be effective for a period …