Commissioner of Corporations & Taxation v. Worcester County Trust Co.

The question in dispute relates to the determination by the commissioner under G. L. (Ter. Ed.) c. 65, § 25, of the value for inheritance tax purposes of shares of stock in Southwell Wool Combing Co.

The amended agreement of association and articles of organization of this corporation provided, in so far as pertinent to the question here involved, that a shareholder desirous of making a transfer should first offer his shares in writing to the directors, who might at their option within thirty days buy the shares in behalf of the corporation at *461book value with certain specified adjustments (see…