Owen v. Merts

Hugh M. Bland, Justice.

This is a suit for specific performance of a contract to sell shares of stock in the Pine Bluff National Bank and involves the construction of a mutual stock option contract containing a stock restriction on the shares issued to the organizing parties.

In July of 1961 twelve individuals decided to organize the Pine Bluff National Bank. To effectuate the organization these twelve persons, together with the President and Vice President, entered into an agreement entitled “Mutual Stock Option” set out verbatim as follows:

“To assure continuity of responsibility, to prevent…