Colby v. Imbrie & Co.

The respondents here have attempted to redeem the stockholdings of the petitioner, Bainbridge Colby, and thereby to frustrate his efforts to secure an examination of the books and records of the respondent corporation. The attempt is clearly abortive. According to the plain and unmistakable language of the certificate of incorporation, the company’s option to redeem does not spring into being until April 1, 1926. It can only be exercised by a majority vote of the founders stock “ at the time ” outstanding, and then only upon not less than thirty days’ notice, to the stockholders whose shares…