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Corporations-Power Of Directors To Transfer All Assets-Dissenters' Rights To Appraisal And Payment, John C. Walker

Michigan Law Review

By action of its board of directors, defendant corporation entered into a written extension of a lease of substantially all its assets. This action was not authorized by a majority vote at a shareholders' meeting or by the written consent of the holders of a majority of the shares. Plaintiff, a shareholder of record on the date the lease was made, had no knowledge of the transaction until about three months later, at which time he objected to the making of the lease and demanded payment for his shares as provided in section 44 of the Michigan general corporation act …