Beyer v. Woolpert
Supreme Court of Minnesota
Appeal by petitioner in the matter of the application for dissolution of the corporation known as the North American Coal & Mining Company from an order of the district court for Hennepin county, Dickinson, J., vacating and setting aside the proceedings. The petitioner, John F. Beyer, commenced proceedings in the district court for the dissolution of the North American Coal & Mining Company, a stock corporation organized under the laws of this state.
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Appeal by petitioner in the matter of the application for dissolution of the corporation known as the North American Coal & Mining Company from an order of the district court for Hennepin county, Dickinson, J., vacating and setting aside the proceedings. The petitioner, John F. Beyer, commenced proceedings in the district court for the dissolution of the North American Coal & Mining Company, a stock corporation organized under the laws of this state. The petition alleges the organization of the corporation, its principal place of business; when, by whom, and under what law, it was…
1Opinion of the CourtElliott, J.
(after stating the facts as above).
The appellant contends that the power to surrender its charter is inherent in the shareholders of every corporation, that they can do so without statutory authority, and that the petition here presented complies with the statutes of this state.
1. There is some authority for the rule that the stockholders of a private corporation may surrender the charter without the consent of the state, but the cases are not well considered and are unsound in principle. The grant of the franchise to be a corporation is an exercise of the sovereign power of the state. The…
2Cases cited2 opinions
- Folger v. Columbian InsuranceMassachusetts Supreme Judicial Court · 1868
- Mechanics' Bank v. HeardSupreme Court of Georgia · 1867
3Cited by7 opinions
- Seitz v. MichelSupreme Court of Minnesota · 1921
- Sun River Stock & Land Co. v. Montana Trust & Savings BankMontana Supreme Court · 1928
- Thwing v. McDonaldSupreme Court of Minnesota · 1916
- Mortgage Land Investment Co. v. McMainsSupreme Court of Minnesota · 1927
- Investors' Syndicate v. LettsNorth Dakota Supreme Court · 1911
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