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Business Organizations Keyed to Macey
Nixon v. Blackwell
Citation:626 A.2d 1366 (1993)
In 1967, when the Delaware General Corporation Law as significantly revised, a new Subchapter XIV entitled “Close Corporations; Special Provisions,” became a part of that law for the first time. The subchapter is a narrowly constructed statute which applies only to a corporation which is designated as a close corporation in its certificate of incorporation. Accordingly, subchapter XIV applies only to close corporations. The case here points up the basic dilemma of minority stockholders in receiving fair value for their stock as to which there is no market and no market valuation.
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