Law Commons^™

The Survival Of The Derivative Suit: An Evaluation And A Proposal For Legislative Reform, John C. Coffee Jr., Donald E. Schwartz

Faculty Scholarship

The shareholder derivative suit today faces extinction. Long considered the "chief regulator of corporate management," and a recognized form of litigation in American courts at least since 1855, it now confronts the second great challenge of its history. Thirty-odd years ago, commentators foresaw the derivative suit's demise when state legislatures began adopting security-for-expenses statutes to curb the abuses of "strike suit" litigation. These reports of its death proved exaggerated, however, as plaintiffs discovered various tactics by which to outflank these statutes. As a result, by the late 1960's, the crisis was past, and a revival in the action's popularity was …

Kentucky Law Survey: Corporations, Willburt D. Ham

Kentucky Law Journal

No abstract provided.

Equity Insolvency And The New Model Business Corporation Act, Daniel T. Murphy

Law Faculty Publications

By eliminating earned and capital surplus, the new Model Business Corporation Act may be perceived as providing directors with some additional flexibility regarding distributions to shareholders. As a practical matter however, the statute does not dramatically enlarge the ambit of their discretion. Directors have always had the flexibility to make distributions from both earned or capital surplus. The distributions are still tempered, as they were under the old statute, by the notion of equity solvency. On the other hand, the Comment to new section 45 provides the board of directors with substantial guidance of the proper methodology to use in …

Professional Corporations - Practical Problems And Solutions, K. Maxwell Dale

William & Mary Annual Tax Conference

No abstract provided.

Equipment Leasing, Robert S. Parker Jr.

William & Mary Annual Tax Conference

No abstract provided.

Partnerships And At Risk Problems, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.

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 …

Survey Of Developments In West Virginia Law: 1980

West Virginia Law Review

No abstract provided.

Business Associations, Robert P. Bryant

Mercer Law Review

This survey article deals with recent Georgia cases and statutory developments in the areas of partnerships, corporations, and securities regulation.

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 …

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

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 …

State Income Taxation Of Multijurisdictional Corporations: Reflections On Mobil, Exxon, And H.R. 5076, Walter Hellerstein

Scholarly Works

The state tax field is experiencing a renaissance of sorts. The Supreme court has displayed a renewed interest in the area, handing down an unusual number of significant decisions addressed to the constitutional restraints on state tax power. State courts have exhibited a similar revival of interest in these problems through an outpouring of uncharacteristically thoughtful opinions concerning state taxation of multistate and multinational enterprise. Congress, whose concern with state taxation of interstate and foreign commerce has been sporadic, is again considering legislation that would limit state taxing authority in these domains. Even the executive branch, which seldom intervenes in …

State Income Taxation Of Multijurisdictional Corporations: Reflections On Mobil, Exxon, And H.R. 5076, Walter Hellerstein

Scholarly Works

The state tax field is enjoying a renaissance of sorts. The Supreme Court has displayed a renewed interest in the area, handing down an unusual number of significant decisions addressed to the constitutional restraints on state tax power. State courts have exhibited a similar revival of interest in these problems through an out-pouring of uncharacteristically thoughtful opinions concerning state taxation of multistate and multinational enterprise. Congress, whose concern with state taxation of interstate and foreign commerce has been sporadic, is again considering legislation that would limit state taxing authority in these domains.

Even the executive branch, which seldom intervenes in …

Employee Stock Ownership Plans: An Analysis Of Current Reform Proposals, Luis L. Granados

University of Michigan Journal of Law Reform

This article surveys the battle between the critics and advocates of the ESOP, and scrutinizes various proposals currently being considered in the legislative arena. Part I examines the philosophy and history of the ESOP, particularly focusing upon the conceptual foundations provided by the writings of Louis Kelso. Part II explicates the various functions performed by the ESOP: as a tool of corporate finance, as an "in-house" market for the sale of stock held by a company's shareholders, and as a means of obtaining additional investment tax credit. Part III analyzes critically six proposed improvements of the ESOP system from both …

Incorporation And The Securities Acts, Daniel T. Murphy

Law Faculty Publications

ATTORNEYS, when advising clients regarding the advantages and disadvantages of incorporating a business, must carefully consider the applicability of the securities laws, state and federal, to the venture from its inception. If a business were run as a proprietorship or a general partnership, the principals could dispose of their interests in the business without consideration of the securities laws. The issuance of stock by a corporation to such individuals in exchange for cash or their interests in the business triggers the application of both state and federal securities laws. More importantly, however, the attorney must recognize that these statutes will …

The Private Use Of Public Authority: Sovereignty And Associations In The Common Law, Arthur J. Jacobson

Buffalo Law Review

No abstract provided.

Introduction: The Value-Added Tax - A Symposium, Edwin T. Hood

Faculty Works

On October 22, 1979, Representative Al Ullman, Chairman of the House Ways and Means Committee, introduced H.R. 5665, the Tax Restructuring Act of 1979. Representative Ullman proclaimed the bill, which contains a ten percent value-added tax, as the "largest adjustment in U.S. taxation since 1913." In his statement accompanying the introduction of H.R. 5665, Chairman Ullman states that the overall purpose for the imposition of a value-added tax coupled with reductions in social security and income taxes, is to correct major flaws in the United States economy-namely double digit inflation, declining productivity, inadequate capital formation, and lag­ging competition with foreign …

Glass-Steagall: Some Critical Reflections, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

An Identity Crisis For The Corporate Lawyer, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Conflicting Standards For Applying The Corporate Attorney-Client Privilege, Kay E. Stephenson

Vanderbilt Law Review

The attorney-client privilege protects confidential communications between client and attorney from forced disclosure.' Dating back to at least 1577, the privilege arose from the belief that it was a point of honor for the attorney to keep his client's confidences.'The modern rationale for the privilege, however, is the perceived need to encourage full and frank discussion between attorney and client by removing the fear of forced disclosure.' Thus, the privilege rests on the premise that the social benefits derived from uninhibited communication and from the attorney's access to all the facts outweigh the detrimental effects of concealing information during trial.' …

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 Partners' Derivative Suits Under The Revised Uniform Limited Partnership Act, Edwin W. Hecker, Jr.

Vanderbilt Law Review

The purpose of this Article is to examine the provisions of the 1976 Act that authorize limited partners' derivative suits. This examination necessarily must begin by tracing the development of derivative suits under the 1916 Act. With this background established the Article will proceed to analyze the relevant provisions of the 1976 Act.

Transfers Of Partnership Interests And Optional Adjustments To Basis, Donald J. Weidner

Scholarly Publications

In 1954, Congress enacted the first comprehensive statutory treatment of partners and partnerships in an attempt to clarify and simplify an area of the law it considered strikingly confused. A quarter of a century later, much confusion and complexity continues and must be dealt with by practitioners who do not have the luxury of specializing in tax, much less in partnership tax. The rules on optional adjustments to basis are particularly perplexing to many attorneys because they involve the accounting function, often foreign to the lawyer's training and talents, and often performed with heavy reliance on another profession. The two …

Use Of The Tax-Free Triangular Merger For The Acquisition Of Two Corporations With Cross-Ownership, 14 J. Marshall L. Rev. 33 (1980), Theodore W. Grippo

UIC Law Review

No abstract provided.

Director Dismissal Of Shareholder Derivative Suits Under The Investment Company Act: Burks V. Lasker, Lisa D. Marco

Loyola University Chicago Law Journal

No abstract provided.

A Quarter Century Later - The Period Of Limitations For Rule 10b-5 Damage Actions In Federal Courts Sitting In Pennsylvania, H. Robert Fiebach, David M. Doret

Villanova Law Review (1956 - )

No abstract provided.

The Pennsylvania Takeover Disclosure Law: A Statute Waiting To Be Invalidated, Ira P. Tiger

Villanova Law Review (1956 - )

No abstract provided.

Corporations - The Business Judgment Rule Shields The Good Faith Decision Of Disinterested Directors To Terminate A Derivative Suit Against The Corporation's Directors, Jeff J. Friedman

Villanova Law Review (1956 - )

No abstract provided.

Banks And Banking - Bank May Finance The Involuntary Takeover Of One Of Its Borrowers And May, In Making Its Loan Decision, Rely On Confidential Information Received From The Takeover Target, John C. Sullivan

Villanova Law Review (1956 - )

No abstract provided.