Provident Trust Co. v. Crouse

Oliver, P. J.,

For all practical purposes, there is no dispute about the facts of this case. Plaintiffs, as shareholders, are seeking to prevent the sale of treasury shares to certain officers of the corporation. The sale has been authorized by the shareholders and the board of directors. There was no evidence of bad faith, fraud, or illegality. The shares were purchased by the corporation in February 1939 at par value, plus an allowance for dividends due or shortly to become due thereon. They were offered to the officers at par at their request, although the real value and the liquidating…