State Ex Rel. Carriger v. Campbell Food Markets, Inc.

March 28, 1955, K. T. Campbell, Fred G. Campbell, and Robert W. Carriger incorporated Campbell Food Markets, Inc. The following bylaw of the corporation granted an option to each of the three incorporators to purchase at par 10,000 shares of its stock on or before March 28, 1960:

“ ‘Thirty thousand (30,000) shares of the common stock of the corporation shall be held in the treasury of the corporation for a period of five (5) years from the date of the organization of the corporation and shall not be available to sale to anyone other than the three original stockholders of the corporation and…