Kentucky Package Store, Inc. v. Checani

The plaintiff is a Massachusetts business corporation organized in 1939. By art. 3, § 2, of its by-laws which were adopted at its meeting of organization it was provided that “No stock shall be transferred except upon the books of the company; and only after said stock has been first offered to the corporation by a written notice delivered to the principal office thereof. The Corporation shall have the right to purchase said stock at its book value within twenty (20) days of the receipt of said notice. ” The capital stock of the corporation consists of 500 shares of $10 par value. At the time…