Osborne v. United Gas Improvement Co.

MacNeille, P. J., and Milner, J.,

Plaintiffs by this proceeding in equity seek to enjoin the carrying into effect of a proposed pension plan for employes of The United Gas Improvement Company (hereinafter referred to as U. G. I.), approved by its board of directors and a majority of its stockholders at a special meeting held on February 29, 1944, when of 23,252,005 shares outstanding 13,582,097 shares were voted for the plan, and 1,698,165 shares were voted against it.

The complaining minority stockholders who are parties to this suit contend that the pension plan (which is referred to in the…