Levisa Oil Corp. v. Quigley

We consider here th$ effect of a withdrawal of stockholders holding a majority of the stock from an annual stockholders’ meeting. The court below held that a quorum was broken by such withdrawal and that no business could thereafter be conducted by the remaining stockholders.

Levisa Oil Corporation was organized in 1946 to conduct a general mercantile business, and its principal office is located in Grundy, Virginia. On January 1, 1973, the shareholders of the corporation, and the number of shares of stock held by each, were: C. J. Carlton — 1750 shares; Mary Quigley — 1750 shares; James…