Verplanck v. Mercantile Insurance
New York Court of Chancery
The complainants having amended their bill in pursuance •of leave granted, (see ante p. 46.) a motion was now made by them, as stockholders of the Mercantile Insurance Com-pony, for an injunction to restrain the further operations of the company and for the appointment of a receiver of all its property and effects, with a view (after payment of debts) to a distribution among the stockholders generally: in effect, to dissolve the corporation and wind up its affairs.
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The complainants having amended their bill in pursuance •of leave granted, (see ante p. 46.) a motion was now made by them, as stockholders of the Mercantile Insurance Com-pony, for an injunction to restrain the further operations of the company and for the appointment of a receiver of all its property and effects, with a view (after payment of debts) to a distribution among the stockholders generally: in effect, to dissolve the corporation and wind up its affairs. The application was allowed to be made under the directions of the Chancellor (see 2 Paige’s C. R. 453;) and it came on before…
1Opinion of the Court
The Vice-Chancellor. (a)
The subject has undergone a most elaborate discussion.
I proceed, after a careful* examination of the facts and an attentive consideration of the whole case, to dispose of this matter according to my best judgment. And in doing so, I shall have a due regard to those rules of law which govern this court in the exercise of its jurisdiction over corporations.
This company was incorporated, with very extensive powers, by an act of the Legislature in 1818, and with a capital of $500,000, divided into shares of $50 each. It was to be managed by twenty-one directors, chosen…
2Cited by42 opinions
- Cumberland Coal & Iron Co. v. ShermanNew York Supreme Court · 1859
- Wheeler v. Pullman Iron & Steel Co.Illinois Supreme Court · 1892
- State Inv. & Ins. Co. v. Superior Court of San FranciscoCalifornia Supreme Court · 1894
- Board of Commissioners of Tippecanoe Co. v. Lafayette, Muncie, & Bloomington RailroadIndiana Supreme Court · 1875
- Robertson v. BullionsNew York Supreme Court · 1850
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