American Law and Procedure Volume 8

American Law and Procedure Volume 8

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...its own stock or obligations, and make any contracts in order to do any of these things. It was a combination of ten of the largest concerns engaged in the iron and steel industry at the time; each of these ten was itself a large aggregation, mostly by stock ownership, of many others ranging in number from six to thirty, several of which were made up of three or four or more sub-companies. The stock and bonds of the ten constituent companies at the time of formation amounted to $911,700,000, for which there were issued altogether $1,167,000,000. The stockholders that formerly composed the ten or more corporations have now been consolidated into shareholders of the United States Steel Corporation, and are no longer shareholders of the constituent companies; practically the sole stockholder of each of the constituent companies is the United States Steel Corporation; as such, it elects the board of directors of each corporation, and can, if it chooses, give exactly the same board to all the companies; upon the other hand, the shareholders of the United States Steel Corporation elect its directors--who, if they wish, may elect themselves directors of each of the constituent companies. The result is the same as if the former companies, or all their shareholders, had entered into a permanent agreement to combine their competing properties by electing the same persons directors over all the companies, with power to control the management and policy of each according to the terms of the agreement. The business result is precisely the same as that of the original trust form. Its legality has not been attacked in the courts. 129. Same: Stock absorption class (holding company). The holding corporation is, or may be, created in exactly the same way more

Product details

  • Paperback | 112 pages
  • 189 x 246 x 6mm | 213g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236491718
  • 9781236491718