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Business Organizations Keyed to Macey
Stokes v. Continental Trust Co. of City of New York
Citation:
78 N.E. 1090 (1906)Facts
The defendant is a domestic banking corporation in New York. The plaintiff was one of the original stockholders, and still owns 221 shares of stock. On January 29, 1902, the defendant had a surplus, which made the book value of the stock at that time $309.69 per share. On January 2, 1902, Blair & Co. made the proposition: “if your stockholders vote to increase your capital stock from $500,000 to $1,000,000 you may deliver the additional stock to us as soon as issued at $450 per share for us.” A resolution to increase the stock was adopted. Thereupon, the plaintiff demanded from the defendant the right to subscribe for 221 shares of the new stock at par, which the demand was refused.
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