In re the Niagara Insurance
New York Court of Chancery
G. Griffin, on behalf of a majority of the directors and stockholders of the Niagara Insurance Company, moved for a decree to dissolve the corporation, under the Act to provide for the dissolution of incorporated insurance companies in the city of New York, passed April 5th, 1817. He contended that public policy was not one' of the grounds put forth in the statute as a cause either for or againsta dissolution.
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G. Griffin, on behalf of a majority of the directors and stockholders of the Niagara Insurance Company, moved for a decree to dissolve the corporation, under the Act to provide for the dissolution of incorporated insurance companies in the city of New York, passed April 5th, 1817. He contended that public policy was not one' of the grounds put forth in the statute as a cause either for or againsta dissolution. The *true and the only question was, whether the interest of the stockholders required a dissolutian of the corporation or not. There could be no better criterion as to this point, than…
1Opinion of the Court
The Chancellor :—In this case, it appears that the original amount of capital stock was half a million of dollars, divided into 10,000 shares, of which something more than eleven hundred belonged to the company, and the rest to individual stockholders. A majority of the directors, *and the Owners of more than three-fourths of the stock, apply for a dissolution of the incorporation, on the ground that it is for the interest of the stockholders. The owners of about one-ninth of the stock remonstrate against the dissolution of the company, and some of them swear to their belief that the business…
2Cited by8 opinions
- In re the Voluntary Dissolution of Radom & Neidorff, Inc.New York Court of Appeals · 1954
- Hitch v. . HawleyNew York Court of Appeals · 1892
- Savings Institution v. MakinSupreme Judicial Court of Maine · 1844
- In re the Dissolution of Kaufman Circle Express Co.New York Supreme Court · 1941
- In re Importers' & Grocers' ExchangeNew York Court of Common Pleas · 1888
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