Valley Resources, Inc. v. South County Gas Co.

OPINION

MURRAY, Justice.

This case comes to us on appeal from a Superior Court judgment dismissing the plaintiffs’ complaint seeking a declaration of the rights and obligations of Valley Resources, Inc., under the Rhode Island Business Corporations Act.1 We affirm the judgment of the Superior Court justice and therefore deny and dismiss the plaintiffs’ appeal.

The pertinent facts are as follows. South County Gas Company (hereinafter South County), a public utility, purchased 27,350 shares of the outstanding $10 par-value common stock of Valley Resources, Inc. (hereinafter Valley Resources), a…