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Full-Text Articles in Law
Corporations - Derivative Suits - Stockholder Demand As Condition Precedent, W. Stanley Walch S.Ed.
Corporations - Derivative Suits - Stockholder Demand As Condition Precedent, W. Stanley Walch S.Ed.
Michigan Law Review
A derivative suit alleging directors' fraud was brought by a minority shareholder, but there was no allegation of a demand for relief having been made on the corporation's stockholders prior to bringing the suit. The plaintiff did allege, however, that it was useless and impossible for him to make demand on the stockholders because the complaint charged directors' fraud which was a void act beyond the power of the stockholders to ratify, and secondly because it would be highly unreasonable to require plaintiff to make a demand for relief on more than 100,000 stockholders of the corporation. Delaware Chancery Rule …
Corporations - Dissolution - Equity Power To Dissolve Going Concern For Dissension, Robert P. Luciano S.Ed., Robert M. Vorsanger
Corporations - Dissolution - Equity Power To Dissolve Going Concern For Dissension, Robert P. Luciano S.Ed., Robert M. Vorsanger
Michigan Law Review
The stock in a hotel management corporation was divided equally between two families, each of which had for some years been unable to agree or cooperate with the other in the management of the business. As a result of this dissension, no meeting of stockholders or directors was held for some years, no withdrawals of profits had been possible for six years, and the corporation had been operated at a loss for the year prior to suit. While the concern was not insolvent, such a financial state was allegedly imminent, the business of the corporation was admittedly poorly managed and …
Corporations - Clayton Act - Service Of Process On Alien Corporations Through Their Local Subsidiaries, George R. Haydon Jr.
Corporations - Clayton Act - Service Of Process On Alien Corporations Through Their Local Subsidiaries, George R. Haydon Jr.
Michigan Law Review
Two affiliated German corporations, one of which is the defendant, established a jointly owned subsidiary in New York. Three members of the subsidiary's five-man board of directors are officers or directors of the German parents, while a fourth is a former employee sent to this country to manage the subsidiary. The American company is devoted exclusively to the business of the German parents. It assists in the negotiation of contracts, although it has no power to bind the parents, advises with respect to patents, and makes infrequent sales and purchases. For these services, it receives a flat fee plus a …
Corporations - Stock Transfer - Enforceability Of Restrictions On Right Of Transfer When Not Stated On Certificate, L. Ronald Modlin
Corporations - Stock Transfer - Enforceability Of Restrictions On Right Of Transfer When Not Stated On Certificate, L. Ronald Modlin
Michigan Law Review
A by-Iaw of defendant corporation provided that no stockholder could sell his shares unless he first offered them for sale to the corporation or its directors. The by-law also stated that this restriction should be printed on the stock certificates and would thereupon bind all present or future owners or holders. The corporation never complied with this latter provision. Plaintiff, having knowledge of the by-law restriction, purchased two shares of the corporation's stock, but these shares were not first offered for sale to the corporation or its directors. When the corporation refused to transfer the shares, plaintiff sued to compel …
Corporations - Officers And Directors - Indemnification Of Expenses Incurred In Defense Of Contract Of Employment, John P. Williams
Corporations - Officers And Directors - Indemnification Of Expenses Incurred In Defense Of Contract Of Employment, John P. Williams
Michigan Law Review
Plaintiff, Sorenson, contracted with defendant, Overland Corporation, to become one of its directors, and the contract was approved by Overland's stockholders. After he began to serve as a director, Sorenson was made a party defendant to a stockholder's derivative suit attacking the propriety of his contract of employment with Overland. The derivative suit terminated in favor of Sorenson and he then brought an action for reimbursement of the counsel fees incurred by him in defending the stockholder's action. Plaintiff's action was under a corporate by-law providing that the corporation shall indemnify directors and officers against expenses incurred by them in …
Municipal Corporations - Tort Liability - Liability For Torts Committed By Municipal Employees In Exercise Of Governmental Functions, Ralph E. Boches
Municipal Corporations - Tort Liability - Liability For Torts Committed By Municipal Employees In Exercise Of Governmental Functions, Ralph E. Boches
Michigan Law Review
Plaintiff sued the Town of Cocoa Beach for damages for the alleged wrongful death of her husband. Plaintiff's husband had died of smoke suffocation after being locked in a jail which was left unattended by the city jailor. The lower court dismissed plaintiff's complaint. On appeal, held, reversed. A person injured by the negligence of a municipal employee acting within the scope of his employment may recover against the municipal corporation. Hargrove v. Town of Cocoa Beach, (Fla. 1957) 96 S. (2d) 130.