Second Universalist Church v. Colegrove
Supreme Court of Connecticut
Amicable suit to determine the rights of the parties in and to a dividend upon shares of stock held 'under a testamentary trust, brought to the Superior Court in Fairfield County and reserved by that court, Robinson, The testator died June 4th, 1895, leaving a will executed in 1898. His executors, soon afterwards, transferred to the society’s committee as trustees, the shares of stock- referred to in the following clause of the will: “ I give and bequeath to the trustees of…
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Amicable suit to determine the rights of the parties in and to a dividend upon shares of stock held 'under a testamentary trust, brought to the Superior Court in Fairfield County and reserved by that court, Robinson, The testator died June 4th, 1895, leaving a will executed in 1898. His executors, soon afterwards, transferred to the society’s committee as trustees, the shares of stock- referred to in the following clause of the will: “ I give and bequeath to the trustees of the Second Universalist Church of Stamford, Connecticut, situate in the Borough of Stamford, one hundred shares of the…
1Opinion of the CourtBaldwin, J.
The Pennsylvania Coal Company was engaged in the business of mining coal. Shares in such company are a wasting investment. There are two modes of conducting its affairs. The capital invested in a mine may be gradually paid back to the shareholders in the shapé of dividends from the proceeds of working it; or part of these proceeds may be retained, for reinvestment, from time to time, in the purchase of new mines to take the place of the old ones as they become exhausted or unprofitable. Morawetz on Priv. Corp. §§ 442, 830.
The Pennsylvania Coal Company adopted the latter policy. It established…
2Cases cited2 opinions
- Gifford v. ThompsonMassachusetts Supreme Judicial Court · 1874
- Woodbridge v. Pratt & Whitney Co.Supreme Court of Connecticut · 1897
3Cited by8 opinions
- Smith v. DanaSupreme Court of Connecticut · 1905
- Richter & Co. v. LightSupreme Court of Connecticut · 1922
- Bulkeley v. Worthington Ecclesiastical SocietySupreme Court of Connecticut · 1906
- Curtis v. OsbornSupreme Court of Connecticut · 1907
- Klopot v. NorthrupSupreme Court of Connecticut · 1944
3 more not listed; retrieve them via the Exa API.