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Articles 31 - 60 of 87
Full-Text Articles in Law
Stock Subscription Law For Practitioners, Richard O. Kummert
Stock Subscription Law For Practitioners, Richard O. Kummert
Washington Law Review
Law review analysis of stock subscription law—the law related to promises to pay to a corporation a stated sum for a specified number of unissued shares—has been noticeably lacking in recent years. I suspect the most prominent reasons for the void center on the feeling in the academic community that subscriptions are used infrequently and that in any event the law related to them is settled. The material that follows demonstrates that both these propositions are false: subscriptions appear to be used with some frequency in the formation of small corporations, and the law related to them remains complex and …
Disclosure Of Preliminary Merger Negotiations Under Rule 10b-5, Anne L. Barragar
Disclosure Of Preliminary Merger Negotiations Under Rule 10b-5, Anne L. Barragar
Washington Law Review
The present formulation of the law takes an overly simplistic approach to disclosure during merger negotiations. This Comment argues that disclosure rules should be standardized to accommodate competing concerns related to investor protection and predictability for management.
State Statutory Restrictions On Financial Distributions By Corporations To Shareholders, Part Ii, Richard O. Kummert
State Statutory Restrictions On Financial Distributions By Corporations To Shareholders, Part Ii, Richard O. Kummert
Washington Law Review
The main body of my analysis of state statutory restrictions on corporate financial distributions appears in the second section following this introduction. The intervening section provides a brief summary of the interests of groups in society that are affected by such restrictions. That material, derived from the first part of this article, forms the necessary underpinning for the analysis of costs and benefits resulting from any form of regulation of corporate financial distributions.
Minority Shareholders And Cashout Mergers: The Delaware Court Offers Plaintiffs Greater Protection And A Procedural Dilemma—Weinberger V. Uop, Inc., 457 A.2d 701 (Del. 1983), John T. Mclean
Washington Law Review
Before Weinberger, Delaware law allowed a minority shareholder, dissatisfied with a cashout merger, to seek either the sure but conservative remedy of an appraisal action or the less certain but more liberal remedy of an equitable action. The new fairness action combines allegations of unfair price and unfair dealing. However, the court appears to ground plaintiffs' monetary remedies in the appraisal statute which was designed only to remedy unfair price. More important, the court requires plaintiffs to follow the technical procedures outlined in the appraisal statute. While these procedures allow sufficient time for allegations of unfair price, they would severely …
Washington's Doctrine Of Corporate Disregard, Thomas V. Harris
Washington's Doctrine Of Corporate Disregard, Thomas V. Harris
Washington Law Review
Corporations are ordinarily recognized as legal entities separate and distinct both from their own shareholders, officers, and directors, and from other corporations. There are, however, situations in which the Washington courts will not recognize this separateness. In such cases, the shareholders, officers, directors, or even wholly separate corporations, are held responsible for the corporation's activities. When they have refused to recognize the corporation as a separate legal entity, Washington's courts have employed the "doctrine of disregard." The consequences of the doctrine are not borne by the corporation. Frequently, its underlying liability has already been established. In other cases, the corporation's …
Washington's Doctrine Of Corporate Disregard, Thomas V. Harris
Washington's Doctrine Of Corporate Disregard, Thomas V. Harris
Washington Law Review
Corporations are ordinarily recognized as legal entities separate and distinct both from their own shareholders, officers, and directors, and from other corporations. There are, however, situations in which the Washington courts will not recognize this separateness. In such cases, the shareholders, officers, directors, or even wholly separate corporations, are held responsible for the corporation's activities. When they have refused to recognize the corporation as a separate legal entity, Washington's courts have employed the "doctrine of disregard." The consequences of the doctrine are not borne by the corporation. Frequently, its underlying liability has already been established. In other cases, the corporation's …
Investor Protection And The Revised Uniform Limited Partnership Act, Mary E. Brumder
Investor Protection And The Revised Uniform Limited Partnership Act, Mary E. Brumder
Washington Law Review
The 1976 ULPA is a definite improvement over the 1916 ULPA. The new Act, however, makes only slight changes in one of the important and problematic parts of the old Act—the role of limited partners. As it is likely that a number of legislatures will consider adoption of the 1976 ULPA in the near future, this comment is written to provide guidance in the area of the limited partner's role. After examining the role of the limited partner as it has evolved within the structure of the 1916 ULPA, this comment discusses changes made by the 1976 ULPA and recommends …
Corporations—Conditional Supermajority Provisions: Protecting Shareholders' Interests—Seibert V. Gulton Industries, Inc., No. 5631 (Del. Ch. June 21, 1979), Aff'd, No. 219 (Del. Jan. 4, 1980), Constance M. Crawley
Corporations—Conditional Supermajority Provisions: Protecting Shareholders' Interests—Seibert V. Gulton Industries, Inc., No. 5631 (Del. Ch. June 21, 1979), Aff'd, No. 219 (Del. Jan. 4, 1980), Constance M. Crawley
Washington Law Review
In Seibert v. Gulton Industries, Inc., the Delaware Supreme Court affirmed the dismissal of a complaint challenging the legality of a conditional supermajority amendment to Gulton Industries' certificate of incorporation. The challenged amendment required the affirmative vote of eighty percent of Gulton's shareholders to approve a proposed takeover of Gulton by any person or entity that had acquired five percent or more of Gulton's shares prior to its proposed takeover. The eighty percent vote was not required if Gulton's directors had approved the proposed takeover prior to the other entity's acquisition of a five percent interest in Gulton. In such …
Corporations—Conditional Supermajority Provisions: Protecting Shareholders' Interests—Seibert V. Gulton Industries, Inc., No. 5631 (Del. Ch. June 21, 1979), Aff'd, No. 219 (Del. Jan. 4, 1980), Constance M. Crawley
Corporations—Conditional Supermajority Provisions: Protecting Shareholders' Interests—Seibert V. Gulton Industries, Inc., No. 5631 (Del. Ch. June 21, 1979), Aff'd, No. 219 (Del. Jan. 4, 1980), Constance M. Crawley
Washington Law Review
In Seibert v. Gulton Industries, Inc., the Delaware Supreme Court affirmed the dismissal of a complaint challenging the legality of a conditional supermajority amendment to Gulton Industries' certificate of incorporation. The challenged amendment required the affirmative vote of eighty percent of Gulton's shareholders to approve a proposed takeover of Gulton by any person or entity that had acquired five percent or more of Gulton's shares prior to its proposed takeover. The eighty percent vote was not required if Gulton's directors had approved the proposed takeover prior to the other entity's acquisition of a five percent interest in Gulton. In …
Investor Protection And The Revised Uniform Limited Partnership Act, Mary E. Brumder
Investor Protection And The Revised Uniform Limited Partnership Act, Mary E. Brumder
Washington Law Review
The 1976 ULPA is a definite improvement over the 1916 ULPA. The new Act, however, makes only slight changes in one of the important and problematic parts of the old Act—the role of limited partners. As it is likely that a number of legislatures will consider adoption of the 1976 ULPA in the near future, this comment is written to provide guidance in the area of the limited partner's role. After examining the role of the limited partner as it has evolved within the structure of the 1916 ULPA, this comment discusses changes made by the 1976 ULPA and recommends …
State Statutory Restrictions On Financial Distributions By Corporations To Shareholders, Richard O. Kummert
State Statutory Restrictions On Financial Distributions By Corporations To Shareholders, Richard O. Kummert
Washington Law Review
After a long period of dormancy, interest appears to have quickened in the possible reform of the statutory provisions enacted by most states to regulate payments by corporations to their shareholders. The California legislature recently adopted a relatively unique series of restrictions on dividends and repurchases of shares as part of an overall revision of that state's Corporations Code. And the Committee on Corporate Laws of the American Bar Association section on Corporation, Banking and Business Law recently revised almost all of the financial provisions in the Model Business Corporation Act. In view of these developments, it is fair to …
Limited Partnership—Limited Control Through A Corporate General Partner—Frigidaire Sales Corp. V. Union Properties, Inc., 88 Wn. 2d 400, 562 P.2d 244 (1977), Lawrence Repeta
Washington Law Review
Plaintiff entered into a contract to sell appliances to a limited partnership. The contract was signed on behalf of the limited partnership by two officers of its corporate general partner. The officers each owned fifty percent of the outstanding shares of the corporation. In addition, they each held a limited partner's unit in the limited partnership. When the partnership failed to pay installments due, plaintiff brought an action against the corporate general partner and against its two officers as individuals. The assertion of personal liability was based on a provision of the limited partnership statute under which limited partners may …
Partnership—Disclosure, Fairness And Substantive Administrative Regulation Of A General Partner's Fiduciary Duty In A Real Estate Limited Partnership—Bassan V. Investment Exchange Corp., 83 Wn. 2d 922, 524 P.2d 233 (1974); Wash. Ad. Code §§ 460-32a-010 Et Seq. (1975), Linda Kelley Ebberson
Washington Law Review
Bassan is the first case in Washington to be decided under Section 9 of the Washington Uniform Limited Partnership Act (WULPA) since its adoption in this jurisdiction in 1945. The court's decision is unique not only in its statement that the general partner is precluded from retaining undisclosed profits in its dealings with and on behalf of the limited partnership without the express consent of all limited partners, but also in its implication that the court will look beyond the form of the transaction to examine the substantive fairness of the bargain to the limited partners. This note will discuss …
State Regulation Of Franchising: The Washington Experience, Donald S. Chisum
State Regulation Of Franchising: The Washington Experience, Donald S. Chisum
Washington Law Review
The successful use of franchising as an adjunct to more traditional marketing techniques by business firms seeking nationwide distribution for their products, services, and ideas has stimulated many franchisor abuses. Professor Chisum comprehensively discusses a variety of remedies available to the franchisee seeking relief from franchisor abuses, including remedies provided by the common law, federal and state securities laws, and the federal antitrust laws. The article assesses the relative success and failure of these general remedies in rectifying the specific problems of franchisor abuses. The author then critically examines the Washington Franchise Investment Protection Act which was enacted in 1971 …
A Page Of History, Lehan K. Tunks
A Page Of History, Lehan K. Tunks
Washington Law Review
A book review essay considering The Legitimacy of the Business Corporation in the Law of the United States, 1780-1970, by James W. Hurst (1970).
Corporations—Community Property: Non-Tax Aspects Of The Washington Professional Service Corporation Act.—Ch. 122, Laws Of 1969, Now Codified As Rcw Ch. 18.100 (1969), Anon
Washington Law Review
The purpose of Washington's Professional Service Corporation Act is to provide for the incorporation of an individual or group of individuals to render professional services. Since organizations of professional people under state professional corporation acts will be considered corporations for federal income tax purposes, this development offers potential tax advantages to professional persons who choose to incorporate their practices. However, the Washington statute also raises certain non-tax issues that must be resolved by professional persons seeking to incorporate. Since the tax issues have received extensive and eminent treatment elsewhere, this Note will focus on the less-discussed non-tax issues, and the …
The Financial Provisions Of The New Washingon Business Corporation Act, Part Iii, Richard O. Kummert
The Financial Provisions Of The New Washingon Business Corporation Act, Part Iii, Richard O. Kummert
Washington Law Review
No abstract provided.
The Financial Provisions Of The New Washingon Business Corporation Act, Part Iii, Richard O. Kummert
The Financial Provisions Of The New Washingon Business Corporation Act, Part Iii, Richard O. Kummert
Washington Law Review
No abstract provided.
Income Tax Allocations And Dividends Under The Model Business Corporation Act, Michael D. O'Keefe
Income Tax Allocations And Dividends Under The Model Business Corporation Act, Michael D. O'Keefe
Washington Law Review
Modern dividend statutes, as exemplified by the Model Business Corporation Act, have incorporated many accounting terms. For aid in the complex process of construing such statutes, the courts and commentators have turned to generally accepted accounting principles. Although accounting principles may be helpful in statutory interpretation, they are not determinative. The accounting attitude toward a transaction must still be correlated with the dividend policies inherent in the statute.
Income Tax Allocations And Dividends Under The Model Business Corporation Act, Michael D. O'Keefe
Income Tax Allocations And Dividends Under The Model Business Corporation Act, Michael D. O'Keefe
Washington Law Review
Modern dividend statutes, as exemplified by the Model Business Corporation Act, have incorporated many accounting terms. For aid in the complex process of construing such statutes, the courts and commentators have turned to generally accepted accounting principles. Although accounting principles may be helpful in statutory interpretation, they are not determinative. The accounting attitude toward a transaction must still be correlated with the dividend policies inherent in the statute.
The Financial Provisions Of The New Washington Business Corporation Act [Part 2], Richard O. Kummert
The Financial Provisions Of The New Washington Business Corporation Act [Part 2], Richard O. Kummert
Washington Law Review
Continuing the analysis of the new Washington Business Corporation Act begun in the April 1966 issue of the Review, Professor Kummert explores and compares the asset distribution regulations under the new and old acts
The Financial Provisions Of The New Washington Business Corporation Act [Part 1], Richard O. Kummert
The Financial Provisions Of The New Washington Business Corporation Act [Part 1], Richard O. Kummert
Washington Law Review
The Model Business Corporation Act adopted by Washington during the 1965 Legislative Session becomes effective July 1, 1967. The financial provisions of the New Act are in many respects very complex and will be a matter of concern to local counsel in their efforts to prospectively arrange for the transition from the old to the New Act. The author, in the following pages, which represent the first half of a two-part article, explores the general philosophy, policy decisions and detailed provisions of the financial sections of the New Act. The second half of the article will be published in a …
Business Organizations In The Philippines, Sulpicio Guevara
Business Organizations In The Philippines, Sulpicio Guevara
Washington Law Review
The Philippines is a developing nation, but development has not been as rapid as in other countries devastated by the last world war. Consequently, it is the avowed policy of the Philippines to attract foreign capital and investments, preferably under "joint-business ventures" with Filipino capitalists and entrepreneurs. The greatest deterrent to foreign investment in the Philippines was the foreign exchange controls instituted in 1949 to protect the country's deteriorating foreign exchange international reserve. However, the Central Bank of the Philippines abolished controls on foreign exchange, and business in the Philippines is now operating under a climate of comparative free enterprise.
Joint Ventures In Japan, Carl J. Bradshaw
Joint Ventures In Japan, Carl J. Bradshaw
Washington Law Review
In most aspects of establishment and operation, joint venture corporations do not differ from any other corporate enterprise. A joint venture operating in a foreign country encounters daily problems of negotiable instruments law, property law and insurance law, to name but a few, in the same way that every corporation in that country does. Thus, it may seem presumptuous to write about joint ventures in a particular country unless one is willing and able to produce a comprehensive survey of that country's legal system. There are several areas of the foreign law, however, which are primary, in terms both of …
Choosing The Share Structure Of A Washington Business Corporation, Douglas Shaw Palmer
Choosing The Share Structure Of A Washington Business Corporation, Douglas Shaw Palmer
Washington Law Review
The principals in a business corporation can make part of their investment in the corporation in the form of loans, and they can defer decision on this until after incorporation. They must, however, make some part of their investment in the form of an ownership or share interest, and they must provide for this in their articles of incorporation. For Washington corporations the choice of these provisions is needlessly complicated by the existing Business Corporation Act. And no improvement is in sight under the American Bar Association- American Law Institute Model Business Corporation Act (hereinafter, "Model Act") which is being …
Corporations, J. Gordon Gose
Corporations, J. Gordon Gose
Washington Law Review
Covers recent laws on fiduciary security transfers and oln shareholders' consent in lieu of meeting.
Corporations, Anon
Corporations, Anon
Washington Law Review
Summarizes one case of first impression on a law on ownership control of stock which is issued by a Washington corporation but held in another state by domiciliaries of the latter state.
Corporation Law, J. Gordon Gose
Corporation Law, J. Gordon Gose
Washington Law Review
Covers the Massachusetts Trust Act of 1959 and the Securities Act of Washington.
Corporations, John Hoover
Corporations, John Hoover
Washington Law Review
Covers cases on the right to repurchase shares.
Legal Significance Of "Capital Stock", J. Gordon Gose
Legal Significance Of "Capital Stock", J. Gordon Gose
Washington Law Review
The purpose of this article is to clarify, if possible, these different meanings. In essence, it will be shown that the first meaning, that is, "capital stock" in the sense of "shares", while possibly technically inaccurate is practically unimportant; second, that the concept of "capital stock" as "property" or as a "trust fund" for creditors is, if given a literal meaning, most inaccurate, confusing and unnecessary; and third, that the concept of "capital stock" as an "amount", is the only usage which is useful and correct under the present Washington statute.