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Business Organizations Keyed to Macey
Ling and Co. v. Trinity Sav. and Loan Ass’n
Citation:
482 S.W.2d 841 (1972)Facts
The objection to the foreclosure and public sale of this stock is based upon restrictions imposed upon the transfer of the stock by the articles of incorporation of Ling & Company. Trinity Savings and Loan argued that all of the restrictions upon the transfer of any interest in this stock are invalid and of no effect, Section D in the articles of incorporation requires the holder to obtain written approval of the New York Stock Exchange prior to the sale of the stock if, at the time, Ling & Company is a member corporation of the Exchange.
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Topic Resources
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What Law AppliesTopic Charts & Notes
Remedies