Staats v. Biograph Co.
Court of Appeals for the Second Circuit
In Error to District Court oí United States for Southern District of New York. Action at law by Richard H. Staats against the Biograph Company. Judgment for defendant, and plaintiff brings error. The defendant is a corporation organized in 1895 pursuant to the laws of the state of New Jersey. It has an authorized capital of $2,000,000, and of this amount $1,999,000 is outstanding, and is engaged in the moving picture business.
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In Error to District Court oí United States for Southern District of New York. Action at law by Richard H. Staats against the Biograph Company. Judgment for defendant, and plaintiff brings error. The defendant is a corporation organized in 1895 pursuant to the laws of the state of New Jersey. It has an authorized capital of $2,000,000, and of this amount $1,999,000 is outstanding, and is engaged in the moving picture business. The plaintiff is a citizen of the state of New York and is the record owner of 550 shares of the par value of $55,000 of the stock of the defendant company, and has…
1Opinion of the CourtRogers, Circuit Judge
(after stating the facts as above). The question involved herein concerns the power of a board of directors of a corporation to rescind a resolution declaring a scrip dividend, after the resolution declaring the dividend has been announced, and notwithstanding the existence of a surplus at the time of the adoption of both resolutions.
It is conceded that no dispute as to the facts exists. The decision below was limited by its terms to a decision against the plaintiff on questions of law alone.
Prior to 1913 the defendant company had paid cash dividends" at the rate of 12 per cent, annually; hut…
2Cases cited14 opinions
- Roehm v. HorstSupreme Court of the United States · 1900
- Gibbons v. MahonSupreme Court of the United States · 1890
- Williams v. . Western Union Telegraph Co.New York Court of Appeals · 1883
- Kelly v. . Security Mutual Life Ins. Co.New York Court of Appeals · 1906
- Lockhart v. Van AlstyneMichigan Supreme Court · 1875
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3Cited by33 opinions
- In re Interborough Consol. Corp.Court of Appeals for the Second Circuit · 1923
- Gordon v. EllimanNew York Court of Appeals · 1954
- Plant v. WalshDistrict Court, D. Connecticut · 1922
- United States v. GuinzburgCourt of Appeals for the Second Circuit · 1921
- Levin v. Mississippi River Corp.District Court, S.D. New York · 1973
28 more not listed; retrieve them via the Exa API.