Aiple v. Twin City Barge & Towing Co.

In my opinion the actions of the majority stockholders of defendant corporation in transferring less than 11 percent of the corporation’s assets to a subsidiary corporation in return for the controlling stock of the latter were not unlawful. Defendant’s articles empower it—

“* * * to lease * * * or sell piers, wharves, boathouses, loading platforms and other landing places necessary in * * * the operation of such business.

“To * * * convey, sell, assign, transfer, lease, mortgage, pledge, exchange, or otherwise dispose of any such property.

“To acquire by purchase, subscription or otherwise, * *…