Chaffee v. Farmers' Co-Operative Elevator Co.
North Dakota Supreme Court
From a judgment of the District Court of Mercer County, Hanley, •J., plaintiff appeals. Tire power to regulate the transfer of stock in a corporation does not authorize a corporation to control its transferability by prescribing to whom the owner' may sell and upon what terms. Victor G. Bloede v. Bloede, 84 Md. 129, 88 L.B..A. 107, 57 Am.
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From a judgment of the District Court of Mercer County, Hanley, •J., plaintiff appeals. Tire power to regulate the transfer of stock in a corporation does not authorize a corporation to control its transferability by prescribing to whom the owner' may sell and upon what terms. Victor G. Bloede v. Bloede, 84 Md. 129, 88 L.B..A. 107, 57 Am. St. Hep. 373, 34 AH 1127. The power to regulate the transfer does not include the power to restrain transfers or prescribe to whom they might be made, but merely to prescribe the formality to be observed in making them, and a corporation may not prevent a…
1Opinion of the CourtChristianson, J.
The defendant Farmers Co-operative Elevator Company is incorporated under the provisions of chapter 92 of the *5901915 Session Laws of North Dakota. The other defendants are the officers and directors of the corporation. The corporation has a capital stock of $10,000, divided into two hundred shares having a par value-of $50 each. The plaintiff holds two certificates for one share each. These shares were originally sold and the certificates issued to one John M. Erickson, and were purchased by plaintiff and duly assigned by said Erickson to the plaintiff by formal assignment in writing…
2Cases cited8 opinions
- New England Trust Co. v. AbbottMassachusetts Supreme Judicial Court · 1894
- State ex rel. Erickson v. BurrNorth Dakota Supreme Court · 1907
- State ex rel. Gaulke v. TurnerNorth Dakota Supreme Court · 1917
- Jacoway v. DentonSupreme Court of Arkansas · 1869
- Healey v. Steele Center Creamery Ass'nSupreme Court of Minnesota · 1911
3 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Allen v. Biltmore Tissue Corp.New York Court of Appeals · 1957
- Asbury Hospital v. Cass CountyNorth Dakota Supreme Court · 1943
- Sorlie v. NessNorth Dakota Supreme Court · 1982
- Kinney Loan & Finance Co. v. SumnerNebraska Supreme Court · 1954
- Estate of McKee v. StateNorth Dakota Supreme Court · 1942
7 more not listed; retrieve them via the Exa API.