Kensington National Bank v. Cedarbrook Country Club

Opinion by

Dithrioh, J.,

In July, 1945, Temple University of Philadelphia made the Cedarbrook Country Club, hereinafter referred to as the “Club,” an offer for the purchase of its property consisting of 172% acres of ground with improvements situated at City Line and Limekiln Pike, Montgomery County, for a cash consideration of $600,000.

The president of the Club, acting on the advice of counsel, notified all members and all holders of proprietary certificates of the Club who were not members that a meeting would be held for the purpose of considering the offer, but that only proprietary…