In re Bown Bros.

The application for dissolution should be granted. The application is properly made since the stock is equally divided into not more than two independent ownerships or interests. Gen. Corp. Law, § 172. These ownerships are deadlocked, one desiring to sell the stock unissued and the other refusing to join. The record owners are not the actual owners of the stock, but this fact would not prevent the actual owner of one-half of the stock from blocking any attempt to sell the stock against his wishes. The facts show the necessity for an increase of the capital stock to avoid the borrowing of…