Stephenson v. Commonwealth & Southern Corp.

The Chancellor:

When a consolidation takes place under the General Corporation Act, a stockholder of a constituent company is given an election whether to abide by the consolidation, or to withdraw therefrom and have the value of his stock, as determined by an appraisal under the statute, paid to him in money. .

The right to an appraisal is given by Section 61 of the act. By that section, a stockholder is required to comply with certain prescribed conditions precedent before his right to an appraisal and payment can arise. The conditions are manifest from the language appearing at the outset of…