Griffin v. Dyett

The Rome Electrical Company, a New York corporation, was dissolved on August 17, 1927, pursuant to the provisions of section 105 of the Stock Corporation Law. At the time of dissolution, the corporation had issued and outstanding 2,500 shares of common capital stock of the par value of $100 each, of which shares plaintiff owned fifty. The corporate assets available for distribution to stockholders consisted of $250,000 in cash. On October 14, 1927, the defendants — who constituted the corporate board of directors —- declared a first and final dividend in dissolution on the outstanding stock…