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Bove v. Community Hotel Corp. of Newport, R.I.
Citation:249 A.2d 89 (1969)
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Newport was organized at the request of the board of directors of Community Hotel solely for the purpose of effectuating the merger. Its authorized capital stock consists of 80,000 shares of common stock, par value $1, of which only one share has been issued, and that to Community Hotel for a consideration of $10. Newport will, if the contemplated merger is effectuated, acquire the sole ownership of all the property and assets now owned by Community Hotel. Before the scheduled meeting date arrived, this action and commenced.
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