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Articles 241 - 270 of 596
Full-Text Articles in Business Organizations Law
Trends In Modern Corporation Legislation, Kenneth K. Luce
Trends In Modern Corporation Legislation, Kenneth K. Luce
Michigan Law Review
Any discussion of trends and developments in modem corporation legislation must assume some understanding of the historical antecedents of that legislation and the judicial approach to its interpretation. As a practical matter the outline of modern legislation has emerged within the memory of living men, but "in order to know what it is, we must know what it has been, and what it tends to become." The state is less concerned today than long ago about the corporation becoming a state within the state and usurping political power, although such concern could and does evidence itself from time to time. …
Corporations--Shareholders-Effect On Voting Trust Agreement Of Inability To Transfer Shares To The Voting Trustees, Peter Van Domelen
Corporations--Shareholders-Effect On Voting Trust Agreement Of Inability To Transfer Shares To The Voting Trustees, Peter Van Domelen
Michigan Law Review
Plaintiff filed a petition in equity attacking his removal as a director and president of the defendant corporation on the grounds that such removal was brought about through the exercise of an alleged invalid voting trust agreement The plaintiff and another shareholder, each owning fifty per cent of the stock in the defendant corporation, had entered into a voting trust agreement by which they appointed themselves and a third party as voting trustees. At the time the trust agreement was executed, all of the stock was on deposit with an escrow agent subject to an existing escrow contract. Plaintiff challenged …
Corporations-Dividends-Majority Of The Board Of Directors As Indispensable Parties In A Suit To Compel The Declaration Of Corporate Dividends, James W. Callison
Corporations-Dividends-Majority Of The Board Of Directors As Indispensable Parties In A Suit To Compel The Declaration Of Corporate Dividends, James W. Callison
Michigan Law Review
A minority group of stockholders brought an action to compel a declaration of dividends on common stock, naming as defendants the Continental Mills company, four of the five directors of the corporation, and a majority stockholder. Effective service of process was made only on the corporation and two of the directors. The majority stockholder and the other two directors named appeared specially and obtained a dismissal of the action as to them. The two directors properly served then moved to dismiss the action for failure to include a majority of the board of directors as parties. Held, a majority …
Corporations-Majority Shareholder's Fraud In The Purchase Of Stock, Thomas P. Segerson S.Ed.
Corporations-Majority Shareholder's Fraud In The Purchase Of Stock, Thomas P. Segerson S.Ed.
Michigan Law Review
Whether or not there has been fraud in the purchase of property, due to either affirmative statements or mere non-disclosure, may well depend upon the relation of the purchaser to the vendor. The recent case of Speed v. Transamerica Corporation presents two questions relative to this problem in the purchase of corporation shares: first, whether the price quoted in an offer to purchase can ever be the basis of an action for fraud and deceit; and second, whether the majority shareholder of a corporation occupies a fiduciary relation to minority shareholders in the purchase of their stock. Defendant was the …
Some Latter Day Developments In The Taxation Of Liquidating Distributions: Is The Cop Still On The Beat?, Willard H. Pedrick
Some Latter Day Developments In The Taxation Of Liquidating Distributions: Is The Cop Still On The Beat?, Willard H. Pedrick
Michigan Law Review
Redemption and salvation are doctrinal terms suggestive of the enthusiasm of the camp meeting. It is altogether fitting that these terms be used in connection with the taxation of corporate liquidating distributions. Through redemption of his stock the shareholder may find this world's nearest approach to fiscal salvation-taxation of his receipts on a capital-gains basis. To say the shareholder's enthusiasm for capital-gains treatment approaches a religious zeal is to underestimate the matter. Nor is it difficult to understand his attitude. If corporate earnings and profits, subjected at the outset to a relatively Hat but heavy corporate income tax, are paid …
Taxing Distributions Pursuant To Corporate Reorganizations, William M. Emery
Taxing Distributions Pursuant To Corporate Reorganizations, William M. Emery
Michigan Law Review
"Distributions" implies that we are concerned with the tax problems of the stockholder rather than those of the corporation. And while one corporation may be the stockholder of another, my emphasis will be primarily upon stockholders who are individuals, including, of course, trusts and estates who are taxed as individuals.
Corporations-Dissolution-Payment Of "Accrued Unpaid Dividends" To Preferred Shareholders From Capital, Frank M. Bowen, Jr.
Corporations-Dissolution-Payment Of "Accrued Unpaid Dividends" To Preferred Shareholders From Capital, Frank M. Bowen, Jr.
Michigan Law Review
The Big Bend Land Company was in the process of liquidation. The articles of incorporation provided for preferred stock which "in the event of any liquidation . . . " was " . . . entitled to be paid in full the par value thereof, and all accrued unpaid dividends thereon before any sum shall be paid to or any assets distributed among . . ." the common stock. No dividends had ever been declared or paid, nor had there ever been any surplus profits. After discharging all corporate liabilities, including payment of the par value of the preferred stock, …
Corporations-Shareholders-Right To Bring Personal Action After Dissolution Of Corporation, Harry T. Baumann
Corporations-Shareholders-Right To Bring Personal Action After Dissolution Of Corporation, Harry T. Baumann
Michigan Law Review
Plaintiff stockholder brought a personal action against the president and majority stockholder for fraudulent conversion of money and property of a corporation dissolved prior to the start of plaintiff's suit. A statute provided that a dissolved corporation could sue to recover on a corporate right of action. Defendant's demurrer was sustained. On appeal, held, affirmed. An action to enforce corporate injuries cannot be maintained by a stockholder in his own name, even though the corporation has been dissolved. Ruplinger v. Ruplinger, (Neb. 1951) 48 N.W. (2d) 73.
Corporations-Officers And Directors--"Corporate Opportunities" Doctrine, Thomas P. Segerson S.Ed.
Corporations-Officers And Directors--"Corporate Opportunities" Doctrine, Thomas P. Segerson S.Ed.
Michigan Law Review
Plaintiff corporation brought a bill in equity for an accounting of profits arising from an alleged breach of fiduciary duty by defendant, a former officer and director. The alleged breach consisted of defendant's action in procuring a contract for the manufacture of a saw sharpening machine for the X corporation, wholly owned by him, without disclosing such facts to his associate directors of plaintiff corporation. Plaintiff corporation was engaged in the manufacture of polishing machines, while the X corporation manufactured lawn mowers. At the time of the contract, defendant "knew that ... [plaintiff corporation] desired to enlarge its field of …
Corporations-Dissolution-Power Of Chancellor To Decree Dissolution When Deadlock Exists, John J. Edman S. Ed.
Corporations-Dissolution-Power Of Chancellor To Decree Dissolution When Deadlock Exists, John J. Edman S. Ed.
Michigan Law Review
Plaintiffs sought dissolution of defendant corporation pursuant to a statute allowing a petition for dissolution to be made to the chancellor by the holders of one-half of the voting stock upon a deadlock in management and voting shares. The evidence showed that there was no chance of compromise by the warring factions, that the corporate function could not be carried out, and that the plaintiffs' interests might be jeopardized. The chancellor held that unless a harmonious solution was effectively formulated within fifteen days after the filing of an opinion, a judgment containing appropriate provisions for a dissolution would be entered. …
Business Associations-Partnership-Claims Against Partner Who Asserts Infancy, Harold S. Lentz S. Ed.
Business Associations-Partnership-Claims Against Partner Who Asserts Infancy, Harold S. Lentz S. Ed.
Michigan Law Review
An adult partner sought dissolution of the partnership, contribution of monies according to the contract, determination of liabilities for debts, ascertainment of respective interests, and an accounting from the infant partner. The infant partner asserted his infancy, disavowed the contract, and moved to dismiss the action. Held, motion granted except as to plaintiffs demand for a dissolution and accounting. Sacco v. Schallus, 11 N.J. Super. 197, 78 A. (2d) 143 (1950).
Corporations-Liability Of Transfer Agent For Wrongful Refusal To Transfer Shares, Howard Van Antwerp S.Ed.
Corporations-Liability Of Transfer Agent For Wrongful Refusal To Transfer Shares, Howard Van Antwerp S.Ed.
Michigan Law Review
Plaintiff, stockholder in a mining company, sued a transfer agent of the company in conversion for its refusal to transfer plaintiff's stock into block shares. The lower court found for plaintiff. On appeal, held, reversed. There is no direct liability of a transfer agent to the stockholder for wrongful nonfeasance in delaying or refusing to transfer stock. Mears v. Crocker First Nat. Bank of San Francisco, (Cal. App. 1950) 218 P. (2d) 91.
Corporations--Stockholders' Rights--Majority Discretion As Bar To Derivative Suit, Richard Darger
Corporations--Stockholders' Rights--Majority Discretion As Bar To Derivative Suit, Richard Darger
Michigan Law Review
Plaintiffs, minority stockholders of defendant corporation, brought an equitable action against certain directors thereof alleging the following wrongs: profits made by purchasing the corporation's notes at a discount; carrying out a plan to gain stock control; settlement of anti-trust suits out of court; excessive compensation of directors under management contracts alleged to violate anti-trust laws; paying excessive film rentals to another corporation. Plaintiffs unsuccessfully demanded that the board bring action against the directors on these grounds and then make a like demand at a stockholders' meeting. The stockholders voted not to sue, approved all actions alleged to be wrongs and …
Corporations--Stockholders' Rights--Majority Discretion As Bar To Derivative Suit, Richard Darger
Corporations--Stockholders' Rights--Majority Discretion As Bar To Derivative Suit, Richard Darger
Michigan Law Review
Plaintiffs, minority stockholders of defendant corporation, brought an equitable action against certain directors thereof alleging the following wrongs: profits made by purchasing the corporation's notes at a discount; carrying out a plan to gain stock control; settlement of anti-trust suits out of court; excessive compensation of directors under management contracts alleged to violate anti-trust laws; paying excessive film rentals to another corporation. Plaintiffs unsuccessfully demanded that the board bring action against the directors on these grounds and then make a like demand at a stockholders' meeting. The stockholders voted not to sue, approved all actions alleged to be wrongs and …
Corporations--Corporate Policy, The "Cure-All" For Proxy Solicitation Ailments, David M. Michaelson S. Ed.
Corporations--Corporate Policy, The "Cure-All" For Proxy Solicitation Ailments, David M. Michaelson S. Ed.
Michigan Law Review
All too often lawyers and students of law are inclined to assume that some principle or formula· has become so deeply rooted in the law that it has acquired a sanctity which gives it an all-embracive effect, a "cure-all," as it were, for legal ailments. This has been the usual approach when the question has arisen of the propriety of spending corporate funds to solicit proxies. The ever-faithful panacea has been to say, quite automatically, that where the intra-corporate contest is concerned with matters of policy as distinguished from personnel of management, then corporate funds may be used to inform …
Taxation-The Lincoln Electric Question: Must "Ordinary And Necessary" Business Expenses Be Also "Reasonable" In Amount, R. Lawrence Storms S. Ed.
Taxation-The Lincoln Electric Question: Must "Ordinary And Necessary" Business Expenses Be Also "Reasonable" In Amount, R. Lawrence Storms S. Ed.
Michigan Law Review
The United States Court of Appeals for the Sixth Circuit has recently determined in Commissioner v. Lincoln Electric Co. that the element of reasonableness is inherent in the phrase "ordinary and necessary" as used in the paragraph of the Internal Revenue Code authorizing deductions for business expenses. It will be of interest to develop the history of the case throughout its ten years of litigation, to examine some of the collateral points raised, and to attempt a critique of the merits of the court's position.
Corporations-Measure Of Short Swing Profits Under Section 16(B) Of The Securities Exchange Act Of 1934, G. B. Myers S.Ed.
Corporations-Measure Of Short Swing Profits Under Section 16(B) Of The Securities Exchange Act Of 1934, G. B. Myers S.Ed.
Michigan Law Review
Plaintiff, a stockholder in X corporation, sued in the name of and on behalf of the corporation to recover short swing profits made by defendants in the sale of stock purchase warrants of the corporation, in violation of the Securities Exchange Act. Defendants were officers of the corporation and as part of the consideration for entering into their contracts of employment they received each year a number of these warrants. Within six months of the receipt of their 1945 warrants defendants had made certain sales of warrants then held by them. The court, in a previous ruling, had granted a …
Corporations-Stockholder's Suit To Compel Declaration Of Dividends- Necessity Of Directors As Parties, Daniel A. Isaacson S.Ed.
Corporations-Stockholder's Suit To Compel Declaration Of Dividends- Necessity Of Directors As Parties, Daniel A. Isaacson S.Ed.
Michigan Law Review
Plaintiff, a citizen of New York and the owner of some preferred stock in the defendant Delaware corporation, brought a class action against the corporation in a federal district court in Pennsylvania to compel the declaration and payment of dividends on the preferred stock, alleging that the directors had acted in had faith in violation of their duties as fiduciaries. Defendant's articles of incorporation provided that the preferred stock was entitled to receive dividends "when and as declared by the Board of Directors"; the by-laws permitted a majority of the hoard to constitute a quorum for purposes of transacting business. …
Partnerships-Dissolution-Sufficiency Of Notice To Prior Creditors, Paul M.D. Harrison S.Ed.
Partnerships-Dissolution-Sufficiency Of Notice To Prior Creditors, Paul M.D. Harrison S.Ed.
Michigan Law Review
Plaintiff brought suit on account for merchandise sold and delivered, alleging that the defendants were liable as partners. The defendants admitted that they had dealt with the plaintiff while they were a partnership, but averred that a corporation was formed which took over the partnership and that the merchandise in question had been purchased by the corporation. The trial judge instructed the jury that plaintiff must have notice or knowledge of the dissolution of the partnership to relieve defendants of personal liability, and that mere notice of the formation of the corporation was immaterial. Held, judgment for plaintiff affirmed. …
The Taxable Income Of Cooperatives, Roswell Magill, Allen H. Merrill
The Taxable Income Of Cooperatives, Roswell Magill, Allen H. Merrill
Michigan Law Review
This article is a study of the exemption in section 101(12) of "farmers', fruit growers', or like associations organized and operated on a cooperative basis"; and, in particular, of the taxability of the income of such corporations. The basic question is, What is the taxable income of a cooperative, in the absence of statutory exemption or exemption by administrative ruling? Do such business corporations have an income from their businesses which in these days of revenue stringency should be taxed as other business income must be taxed?
Jensen: Cooperative Corporate Association Law-1950, William S. Barnes
Jensen: Cooperative Corporate Association Law-1950, William S. Barnes
Michigan Law Review
A review of COOPERATIVE CORPORATE ASSOCIATION LAW-1950. By A. Ladru Jensen and others.
Corporations-Right Of Corporation To Pay Dividends To Common Shareholders To Equalize Prior Wrongful Payment To Preferred Shareholders, Theodore Sachs S.Ed.
Corporations-Right Of Corporation To Pay Dividends To Common Shareholders To Equalize Prior Wrongful Payment To Preferred Shareholders, Theodore Sachs S.Ed.
Michigan Law Review
As a general proposition, payment of dividends may be made only out of surplus and not out of the capital stock of a corporation. Though the cases evidence considerable confusion as to the meaning of "surplus" and "capital," it is clear that these terms do not indicate a res. Rather, they are convenient designations for legislatively prescribed limits as to when dividend payments are proper. The capital stock rule, that the aggregate consideration received for no par stock plus the aggregate value of issued par stock may not be tapped for shareholder distribution, is founded, loosely speaking, on the notion …
Corporations-Theory Of Organizational Franchise Taxation- Michigan Franchise Tax, Charles Hansen S.Ed.
Corporations-Theory Of Organizational Franchise Taxation- Michigan Franchise Tax, Charles Hansen S.Ed.
Michigan Law Review
The present inquiry, besides delving into the nature of corporate organizational franchise taxation, will also seek to arrive at a logical theoretical basis for two of the more common types of such levies, and will conclude by examining the pertinent Michigan statutes in the light of such theories.
Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed.
Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed.
Michigan Law Review
The stockholders of a closely held electric utility corporation offered to sell all the corporate stock to a cooperative competitor. The cooperative countered with an offer to buy a part of the corporation's physical assets. Hoping to avoid a heavy corporate capital gains tax, the stockholders caused the corporation to distribute to them in partial liquidation the property in question, and then executed the previously contemplated sale themselves. The commissioner assessed and collected a capital gains tax from the corporation which then sued and recovered the amount of the tax in the court of claims. On appeal, held, affirmed. …
Corporations-Right Of Directors To Enforce At Face Value Claims Against The Corporation Purchased At A Discount During Insolvency, Robert H. Frick S.Ed.
Corporations-Right Of Directors To Enforce At Face Value Claims Against The Corporation Purchased At A Discount During Insolvency, Robert H. Frick S.Ed.
Michigan Law Review
From 1942 to the initiation of bankruptcy proceedings the assets of the debtor corporation were insufficient to pay its liabilities, and, with the exception of 1945, it operated at a deficit. In 1946 the assets of the corporation were sold, and the debtor filed a petition under Chapter XI of the Bankruptcy Act Prior to the filing of the petition, but during the period of insolvency, the respondents, the sister, mother, and a personal friend of a director, acquired debenture bonds of the corporation, primarily from over-the-counter dealers, at 3% to 14% of face value, the aggregate cost being $10,000. …
Constitutional Law-Corporations-Artificial "Persons" And The Fourteenth Amendment, Robert P. Griffin S.Ed.
Constitutional Law-Corporations-Artificial "Persons" And The Fourteenth Amendment, Robert P. Griffin S.Ed.
Michigan Law Review
That a corporation is a "person" for certain purposes within the meaning of the Fourteenth Amendment, and therefore entitled to invoke its protection, is considered by students of constitutional law to be well settled. For that reason the dissent of Justice Douglas in the recent case of Wheeling Steel Corporation v. Glander demands more than passing recognition. Therein he restates and adds his support to the view of Justice Black that the word "person" as used in the Fourteenth Amendment refers exclusively to human beings and affords no protection whatsoever to corporations against arbitrary state action.
Municipal Corporations-Circumventing Municipal Debt Limitations, Joseph F. Gricar S.Ed.
Municipal Corporations-Circumventing Municipal Debt Limitations, Joseph F. Gricar S.Ed.
Michigan Law Review
Since municipalities are frequently indebted to the permissible extent of the constitutional, statutory, and charter debt limitations, they are constantly seeking methods of finance which avoid the debt limits. Three devices have received judicial sanction. First: Where a separate and distinct. corporation such as a school or drain district has been created it may operate with a separate debt limit over the same territory as the governing municipality. Second: Where the project to be financed is income-producing, the financing bond issue, if made self-liquidating, will not Gome within the debt limitations. Although incorporated authorities have been extensively used to administer …
Corporations-Validity Of By-Law Requiring Assent Of All Or Proportion Of Shareholders Greater Than Majority For Action, Alan C. Boyd
Corporations-Validity Of By-Law Requiring Assent Of All Or Proportion Of Shareholders Greater Than Majority For Action, Alan C. Boyd
Michigan Law Review
The defendants, employees of the plaintiff corporation, were discharged by the president, who was empowered under the by-laws to appoint, remove, employ and discharge, and fix the compensation of, all employees of the corporation, subject to the approval of the board of directors. A majority of the directors and the holders of a majority of the shares were in agreement that the defendants should be discharged. The defendants refused to leave the premises, took possession of certain of the corporate books and records, and otherwise interfered with the conduct of the business, claiming that their discharge was ineffective because it …
Corporations-Dividend Rights-Elimination Of Dividend Accumulations By Direct Charter Amendment, Thomas L. Waterbury S.Ed.
Corporations-Dividend Rights-Elimination Of Dividend Accumulations By Direct Charter Amendment, Thomas L. Waterbury S.Ed.
Michigan Law Review
The many recent discussions of the problem of dividend accumulations show that plausible grounds exist for reaching a conclusion in favor of either the minority preferred shareholder who wishes to retain these rights, or the majority preferred and common shareholders who, with the corporate management, desire to eliminate or circumvent them. It is not the purpose of this comment to re-open that controversy, though it may be observed that the current trend of both legislation and decision favors the interests of the latter group. Rather, this discussion assumes that the current trend is the correct view and will examine the …
Corporations-Membership Corporations-Voting Rights Under California Law, Howard Vanantwerp
Corporations-Membership Corporations-Voting Rights Under California Law, Howard Vanantwerp
Michigan Law Review
The original owner of a subdivision recorded a declaration of restrictions which provided that "the majority of the property owners within the subdivision may form . . . a non-profit cooperative corporation without capital stock, but with one share thereof appurtenant to each of the lots in such subdivision,'' to approve plans for building on these lots. Defendants acquired 133 lots and commenced construction of homes in spite of the disapproval of their plans by the association organized under the authority of the declaration. The two defendants claimed to have acquired majority control of the association, claiming 133 votes as …