Tenison v. Wilson

The. majority holds that under Arts. 1388, 1389, the trustees (directors) of a dissolved corporation may reincorporate its assets for another fifty years, including the l/75th interest (20 shares) of appellee, a protesting stockholder; and that such action is a legal settlement of the dead corporation’s assets as to all stockholders within the meaning of the above statutes on liquidation. I dissent from this holding.

Certainly the statutory language allows the trustees some discretion in an outright sale of assets, looking to a distribution; but nowhere is found any authority for the same…