Kistler v. Caldwell Cotton Mills Co.

This is an action for tbe dissolution of tlie defendant corporation, and for the distribution of its net assets among its stockholders, brought by certain owners of preferred and common stock. It is well settled that the right to exist as a corporation is derived from the State and that in the absence of statutory provision to the contrary, only the State which created the corporation can sue to dissolve it. Fletcher, Cyclopedia of the Law of Private Corporations (per. ed.), Vol. 16, sec. 8077, p. 858; Bass v. Navigation Co., 111 N. C., 439; Torrence v. Charlotte, 163 N. C., 562. See Lesley…