Johnson v. De Soto Hardwood Flooring Co.

The complainant, owner of shares in the" defendant corporation, alleged fundamental amendment of the charter without his approval and sued to recover the value of his stock. The chancellor sustained defendant’s demurrer and dismissed the bill because (1) the modification or amendment of the charter was not fundamental and (2) because of laches, waiver, and abandonment of the right to withdraw from the corporation under the provision of section 2060' of Shannon’s Code. The complainant appealed from the decree of the chancellor, and assigned error.

It is shown by the bill that the capital stock…