Stettauer v. New York & Scranton Construction Co.
New Jersey Court of Chancery
That a stockholder has been refused permission to examine the books of the corporation with the assistance of an expert, his bill charging no fraud or misconduct on the part of the directors, but merely alleging that the reason for his examination is to discover whether he has been defrauded by the directors in the distribution of the assets, presents no ground of equitable jurisdiction ; his remedy is at law by mandamus. Bill for general relief. On general demurrer.
1Opinion of the Court
The Chancellor
The case stated in the bill is that the New York and Scranton Construction Company was incorporated under the act “concerning corporations” in February, 1881, and carried on its business from the time when it was organized to about May 7th, 1882; that its assets were, from time to time, distributed among its stockholders in pursuance of resolutions of the board of directors, and that on the 7th of May, 1882, the president gave notice to the stockholders that, pursuant to a resolution of the board, the assets remaining in the treasury would be distributed ratably among the…
2Cases cited11 opinions
- Sage v. Lake Shore & Michigan Southern Railway Co.New York Court of Appeals · 1877
- People ex rel. Bishop v. WalkerMichigan Supreme Court · 1861
- People ex rel. Cummer v. Judge of the Circuit CourtMichigan Supreme Court · 1878
- Opdyke v. MarbleNew York Supreme Court · 1864
- Commissioners of Forsyth v. LemlySupreme Court of North Carolina · 1881
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3Cited by1 opinion
- Siena v. Grand Lodge, Etc., Order Sons of ItalyNew Jersey Superior Court Appellate Division · 1951