Corporations Keyed to Hamilton
Stokes v. Continental Trust Co. of City of New York
Facts
Appellant was one of the original stockholders in Appellee holding 221 shares in all. Blair & Co. offered, if the stockholders voted to increase the capital stock from $500,000 to $1,000,000, to purchase the increase at $450 per share ($100 par value). Appellant voted to increase the stock and the resolution was adopted. Appellant voted against the resolution directing the sale to Blair & Co. but it also was passed. Appellant protested against the proposed sale of his proportionate share of stock and demanded the right to subscribe and pay for the same but the demand was refused. The stock was issued to Blair & Co. Because the offer had become public, the market price had risen to $550 and at the time of trial was $700. Appellant brought suit to compel the issuance of stock to him at par or in the alternative damages.
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