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Articles 481 - 502 of 502

Full-Text Articles in Securities Law

Securities Legislation - Limitations Upon The Scope Of Rule X-10b-5, Cyril Moscow Jan 1956

Securities Legislation - Limitations Upon The Scope Of Rule X-10b-5, Cyril Moscow

Michigan Law Review

A syndicate attempted to acquire all of the outstanding stock in a bridge corporation pursuant to a plan to transfer the stock to a bridge commission and realize substantial returns. The price offered for the stock was well over the market price but the resale plan was not disclosed. After control of 80 percent of the stock was obtained, the syndicate's purchasing agents were installed as officers and directors. They continued to purchase the stock without revealing the plan and the anticipated profits. Upon the completion of the plan, former stockholders in the corporation brought a class action against the …

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Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed. Nov 1955

Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed.

Michigan Law Review

The plaintiffs brought a stockholders' derivative suit in a federal district court, claiming that defendant directors had violated section 10 (b) of the Securities and Exchange Act of 1934 and rule X-10B-5 of the Securities and Exchange Commission. It was alleged that defendants who controlled as majority of the capital stock of the Algoma Coal and Coke Co., had purchased for the Algoma Company stock in two other corporations which they had formed and had manipulated the affairs of the Algoma Company so that business profits were diverted to those other corporations, thereby securing profits to themselves at the expense …

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Corporations - Reclassification Of Securities As A Purchase Under Section 16 (B) Of The Securities And Exchange Act, Eric E. Bergsten Mar 1955

Corporations - Reclassification Of Securities As A Purchase Under Section 16 (B) Of The Securities And Exchange Act, Eric E. Bergsten

Michigan Law Review

Plaintiff, a minority stockholder in the Old Town Corporation, brought action on behalf of the corporation to recover alleged "shortswing" profits made by defendants, who were officers, directors and large shareholders of Old Town, on the sale of 45.9 percent of the outstanding stock of the corporation. The corporation had, with the approval of 78 percent of the owners in interest, reclassified the 320,402 outstanding shares of $5 par common stock as 320,402 shares of $1 par common and 320,402 shares of 40¢ cumulative preferred stock of $7 par value. This reclassification was done for the frank purpose of increasing …

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Corporations - Right Of Shareholder Under Uniform Stock Transfer To Have Shares Transferred Contrary To Corporation By-Laws, Lawrence N. Ravick S.Ed. Feb 1955

Corporations - Right Of Shareholder Under Uniform Stock Transfer To Have Shares Transferred Contrary To Corporation By-Laws, Lawrence N. Ravick S.Ed.

Michigan Law Review

The defendant, a Michigan corporation, adopted a "constitution" (by-laws) which contained the following provisions: " ... no member shall be allowed to own more than five shares of stock at any one time." This restriction was not written into the articles of incorporation or printed upon the stock certificates. Plaintiff was at one time the president and director of the defendant corporation. While an officer, he acquired twenty-five shares of stock, having at the time full knowledge of the by-law provisions. When he was no longer an officer, plaintiff purchased an additional share of defendant's capital stock and requested the …

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Nonapplicability Of "Security For Expenses" Legislation To Minority Stockholders' Dividend Suits Oct 1954

Nonapplicability Of "Security For Expenses" Legislation To Minority Stockholders' Dividend Suits

Indiana Law Journal

No abstract provided.

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Arbitration-Enforceability Of Arbitration Agreement In Action By Investor Under The Securities Act Of 1933, Rinaldo L. Bianchi Mar 1954

Arbitration-Enforceability Of Arbitration Agreement In Action By Investor Under The Securities Act Of 1933, Rinaldo L. Bianchi

Michigan Law Review

Plaintiff sustained a severe loss in the resale of securities bought from the defendant. Alleging fraud he sued under section 12(2) of the Securities Act of 1933, which provides for liability when prospectuses or oral communications sent through channels of interstate commerce falsely state or omit a material fact so as to render the statement misleading. Pursuant to the Federal Arbitration Act, defendant moved for an order staying proceedings until arbitration had been had in accordance with an agreement between the parties. The district court denied the order, saying that the non-waiver clause of the Securities Act voided a waiver …

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Loss: Securities Regulation, Arthur H. Dean Jun 1952

Loss: Securities Regulation, Arthur H. Dean

Michigan Law Review

A Review of SECURITIES REGULATION. By Louis Loss.

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Federal Procedure-Jurisdiction-Determination Of Amount In Controversy In Class Actions Under Federal Rule 23, James W. Callison Feb 1952

Federal Procedure-Jurisdiction-Determination Of Amount In Controversy In Class Actions Under Federal Rule 23, James W. Callison

Michigan Law Review

Plaintiff owned 50 shares of common stock valued at $950. She brought an action in behalf of herself and all other stockholders to enjoin a sale of unissued stock by the corporation to its president, claiming a violation of her preemptive right. The district court ruled on the merits. On appeal, held, the plaintiff's interest was but a small fraction of the $3,000 required to invoke the jurisdiction of the federal courts. Although the action was representative, the claims of other stockholders in a like situation could not be cumulated. Ames v. Mengel Co., (2d Cir. 1951) 190 …

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Conflicts Of Law-Negotiable Instruments-Situs Of Bearer Bonds, Paul M.D. Harrison S.Ed. May 1951

Conflicts Of Law-Negotiable Instruments-Situs Of Bearer Bonds, Paul M.D. Harrison S.Ed.

Michigan Law Review

By a Vesting Order, the Alien Property Custodian vested in the Attorney General property of an enemy alien which consisted of a "certain debt or other obligation" underlying bonds issued by the defendant corporation. The defendant corporation was ordered to cancel the said bonds and deliver the proceeds of the redemption and accrued interest to the Attorney General. Upon the trial of the action brought by the Attorney General to enforce these demands, it appeared in evidence that the bond certificates had last been located in the Russian sector of Berlin, Germany, and were there seized by the occupying authorities. …

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Mccormick: Understanding The Securities Act And The S.E.C., Michigan Law Review Feb 1949

Mccormick: Understanding The Securities Act And The S.E.C., Michigan Law Review

Michigan Law Review

A Review of UNDERSTANDING THE SECURITIES ACT AND THE S.E.C. By Edward T. McCormick.

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Corporations-Class Actions Under Section 16(B) Of The Securities Exchange Act Of 1934-Federal Rule 23, Richard. J. Archer Nov 1947

Corporations-Class Actions Under Section 16(B) Of The Securities Exchange Act Of 1934-Federal Rule 23, Richard. J. Archer

Michigan Law Review

Pursuant to section 16 (b) of the Securities Exchange Act of 1934 an action was commenced by a shareholder to recover for the corporation profits realized by another shareholder through "short swing" transactions in securities of the corporation, the estimated profits being $50,770. Plaintiff's attorney filed an affidavit stating the reasons why recovery of the full amount was doubtful and made application for , leave to settle and compromise for $5,000. The corporation's attorney agreed to this proposal. Held, the merits of the compromise cannot be considered until in conformance with Rule 23 ( c), actual notice of the …

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Securities Legislation - Civil Liabilities On Account Of False Registration Statement - Limitations Of Actions - Licenses, Michigan Law Review May 1940

Securities Legislation - Civil Liabilities On Account Of False Registration Statement - Limitations Of Actions - Licenses, Michigan Law Review

Michigan Law Review

Plaintiff, purchaser of stock in Condor Pictures, Inc., brought an action against the officers of the corporation and the auditors who certified the registration statement, to recover damages under section II of the Securities Act of 1933. The action was founded upon misrepresentations and omissions in the registration statement, concerning a lease made by Condor Pictures, Inc., which the auditors failed to set up as a contingent liability. The defendants at the time of the suit stipulated that the stock had no market value, but the plaintiff did not offer any evidence of the actual value of the stock beyond …

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Securities Legislation - Securities Act - Stop Order Proceedings - Administrative Tests Of Materiality, Bertram H. Lebeis Jan 1939

Securities Legislation - Securities Act - Stop Order Proceedings - Administrative Tests Of Materiality, Bertram H. Lebeis

Michigan Law Review

With a view toward correcting many of the abuses which had accompanied the distribution of securities, the Congressional mandate embodied in the Securities Act of 1933, together with the regulations of the Securities and Exchange Commission adopted in pursuance thereof, require the publication of much information previously withheld from the investing public. The basic objective of the act is the full disclosure of every essentially important element attending issues of securities in interstate commerce or through the mails, and to that end the commission is empowered to issue a stop order suspending the effectiveness of a registration statement if it …

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Securities Legislation - Securities Act Of 1933 - Registration Statement - "Material Contract'', Gerald M. Stevens Jun 1938

Securities Legislation - Securities Act Of 1933 - Registration Statement - "Material Contract'', Gerald M. Stevens

Michigan Law Review

A registrant under the Securities Act of 1933 had borrowed from the Reconstruction Finance Corporation $200,000, payment of which was secured by mortgage of most of the debtor's assets. Registrant still owed $136,000 overdue when it filed its amended registration statement. It said therein that it had applied to the RFC for an eighteen-months extension of the debt and that the application had not then been acted upon. After the statement was filed but before it became effective, the RFC denied registrant extension of the debt and made a counter proposal for payment in part and extension in part. In …

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Corporations - Interpretation Of The "Public Offering" Exemption Of The Federal Securities Act And State Blue-Sky Laws, Gerald L. Stoetzer Feb 1938

Corporations - Interpretation Of The "Public Offering" Exemption Of The Federal Securities Act And State Blue-Sky Laws, Gerald L. Stoetzer

Michigan Law Review

Section 5 of the Federal Securities Act of 1933, as amended, declares that it shall be unlawful to use any means of transportation or communication in interstate commerce or of the mails to dispose of securities or transmit a prospectus thereon unless a registration statement as required by the act is in effect and unless the prospectus meets the statutory requirements. However, certain securities and transactions are expressly exempted from application of the act. Among the exemptions set out in section 4 are those "transactions by an issuer not involving any public offering."

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The Securities Exchange Act Of 1934, John E. Tracy, Alfred Brunson Macchesney Jun 1934

The Securities Exchange Act Of 1934, John E. Tracy, Alfred Brunson Macchesney

Michigan Law Review

The Congress has enacted and the President has just signed an act for the regulation of stock exchanges, to be known as the Securities Exchange Act of 1934. In order that we may understand the nature of the Act and the reasons for its enactment, it will be well first to consider briefly the organization and functions of stock exchanges, the evils that are claimed to have arisen from their existence, and some of the previous attempts which have been made to prevent the occurrence of such evils.

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Amendments To The Securities Act Of 1933, Laylin K. James Jun 1934

Amendments To The Securities Act Of 1933, Laylin K. James

Michigan Law Review

Title II of the Securities Exchange Act of 1934 amends the Securities Act of 1933. These amendments make substantial concessions to the persistent and continuous clamor against the Securities Act. They will help to allay some of the fears of corporate managements and merchant bankers. The changes affect the definition section, the exemptions, the prospectus, the civil liabilities, and administration provisions.

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Statutory Protection Of Sureties And Cosureties, Frederick W. Ford Apr 1934

Statutory Protection Of Sureties And Cosureties, Frederick W. Ford

West Virginia Law Review

No abstract provided.

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The Securities Act Of 1933, Laylin K. James Mar 1934

The Securities Act Of 1933, Laylin K. James

Michigan Law Review

In 1907 a Pennsylvania superior court stated in one of its opinions that, "'there is no reason why a man should not be a fool.' As a corollary to that saying, it may be added that there is no reason why a court should protect a fool against the result of his folly. No new feature of rapacity in the buyer is apparent in this instance [ the purchase of property worth $ 5,000 prospectively for $ 500] to make him a worse offender against the law of fair dealing than an army of Shy locks who have preceded him. …

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Control Of Securities Selling, Watson Washburn Apr 1933

Control Of Securities Selling, Watson Washburn

Michigan Law Review

President Roosevelt in his inaugural address stated as one of the most important immediate necessities of the country "a strict supervision of all banking and credits and investments." This statement is in line with his campaign criticism of the failure of the Republican national administration to check the inordinate inflation of security prices in 1929. There is no doubt that the President's program in this respect received a sympathetic hearing throughout the country. Many state legislatures are now considering changes in state laws regulating securities. It is interesting that some States with rigid blue sky laws seem to be quite …

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Stock Dividends As Income, Robert E. More Jan 1918

Stock Dividends As Income, Robert E. More

Michigan Law Review

In the case of Towne v. Eisner, the United States Supreme Court has recently held that under the Income Tax Law of 1913, the stock dividends received by a shareholder during the year 1914 could not be taxed upon their full par value, where the corporate surplus thus distributed all accrued prior to January I, 1913. The Treasury Department subsequently announced that the decision is not applicable to the Income Tax Law of 1916.1 It is the purpose of this article to review the case of Towvne v. Eisner,2 and then to discuss the soundness of the position taken by …

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The Ohio "Blue Sky" Cases, Clarence D. Laylin Mar 1917

The Ohio "Blue Sky" Cases, Clarence D. Laylin

Michigan Law Review

The ancient notion that private fraud lies beyond the domain of public law did not long survive the statements of it that have been quoted.' Our legislation, expressing always the changing moral standards of the people, has directed the sanctions of the criminal law, step by step, ever against new forms of overreaching and imposition. Numerous illustrations might be cited to show the growing repugnance of the public mind toward frauds and cheats, and the tendency to recognize them as offenses invoking the restraint of public action as well as the redress of private injuries.

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