Centrifugal National Concentrator Co. v. Eccleston

ANDERSON, J., pro tem.

This is a case where the defendant is the owner of more than 300,000 shares of stock held in the plaintiff corporation, being a majority of the stock. An order was made by the corporation commissioner denying the defendant the right to vote other than a very limited number of shares of said stock.

We think the order of the commissioner was and is unauthorized and void, under section 4 of the Corporate Securities Act (Act 3814, Deering’s Gen. Laws, 1923, p. 1411), as the act read at the time the order herein was issued: “If he finds that the proposed plan of business of…