Legal Opinion
Wells v. Beekman Terrace, Inc.
Appellate Division of the Supreme Court of the State of New York
Decided February 29, 1960PublishedCited by 2 opinions
1Opinion of the CourtSamuel M. Gold, J.
These actions arise from a dispute among the individual parties, who are the stockholders and directors of the defendant corporation, as to the legal requirements governing -the right, power and authority of defendant corporation to sell its real estate.
The certificate of incorporation of the defendant corporation, filed with the Secretary of State on May 9, 1924 provides that no sale or exchange of its real estate may be made unless authorized "by owners of at least 75% of its outstanding capital stock. At the time its certificate was filed, section 20 of the Stock Corporation Law permitted…
2Cases cited5 opinions
- Benintendi v. Kenton Hotel, Inc.New York Court of Appeals · 1945
- Young v. JebbettAppellate Division of the Supreme Court of the State of New York · 1925
- People Ex Rel. Barney v. . WhalenNew York Court of Appeals · 1907
- People ex rel. Barney v. WhalenAppellate Division of the Supreme Court of the State of New York · 1907
- People ex rel. Barney v. WhalenNew York Supreme Court · 1907
3Cited by2 opinions
- Dynamics Corp. of America v. CTS Corp.District Court, N.D. Illinois · 1986
- Smith v. Orange & Rockland Utilities, Inc.New York Supreme Court · 1994