Fletcher Cyclopedia of the Law of Private Corporations; Annual Cumulative Supplement 1927- [1st- Volume 3

Fletcher Cyclopedia of the Law of Private Corporations; Annual Cumulative Supplement 1927- [1st- Volume 3

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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. 1917 edition. Excerpt: ...the stockholders, a resolution passed by the board of directors of a corporation providing for the issuance of stock in trust to secure an existing indebtedness and giving the trustee the right to vote such stock is void. Brewster v. Hartley, 37 Cal. 15, 99 Am. Dec. 237. A corporation not for profit cannot, by a by-law, provide for the election of its trustees by delegates selected by constituent assemblies, instead of by its members as provided by the statute. People v. Hoyne, 182 11l. App. 42. 90 Durkee v. People, 155 11l. 354, 46 Am. St. Rep. 340, 40 N. E. 626, aff'g 63 11I. App. 396. 91 Georgia Life Ins. Co. T. Bell, 141 Ga. 502, 80 S. E. 765. power which do not violate any statutory or constitutional provisions.98 So a stockholder has no right to vote at corporate meetings if it is so stipulated when the stock is issued, for the stipulation is then a term of his contract.98 One may also accept the ownership of stock with a condition which involve consent on his part that another shall vote/it. So one who accepts stock bequeathed to him by will is bound by restrictions as to its voting power contained in the will.94 And even after persons have become stockholders, they may surrender or restrict their power to vote by agreement, by consenting to by-laws or otherwise,95 provided the agreement does not violate any charter or statutory provision, and is not contrary to public policy.96 So the holder of stock may qualify his ownership by his own consent that another may vote in his stead,97 as in the familiar instance of a vote by proxy.98 And, as we shall see in subsequent sections, the right to vote as between the vendor and vendee,99 or the pledgor and pledgee of stock1 may be fixed by the terms of the contract between them, and as between one...
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Product details

  • Paperback | 530 pages
  • 189 x 246 x 27mm | 934g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236675525
  • 9781236675521