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Full-Text Articles in Law

Priorities: Ii, Edgar N. Durfee Mar 1959

Priorities: Ii, Edgar N. Durfee

Michigan Law Review

This is the second part of "Priorities" (also known as "Little Nemo") which was taken from Professor Durfee's teaching materials. The first part was published in the February issue-which was dedicated to the memory of Professor Durfee.


Corporations - Compensation Of Management - Bonus Plan, Sidney Buchanan Jan 1959

Corporations - Compensation Of Management - Bonus Plan, Sidney Buchanan

Michigan Law Review

Defendant corporation's board of directors adopted a profit-sharing retirement plan which was never ratified by the shareholders. The plan assigned to key employees "units" having a fixed dollar value equal to the current market value of the corporation's common stock. The company promised to pay each unit holder, upon termination of employment, a sum equal to the number of units held times the increase in market value of the stock from the time the units were issued to the date employment terminated or any date within five years thereafter selected by the employee. The right of each unit-holder ...