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Business Organizations Keyed to Macey
Wilkes v. Springside Nursing Home, Inc.
Citation:353 N.E.2d 657 (1976)
In 1951 Wilkes acquired an option to purchase a building and lot located on the corner of Springside Avenue and North Street in Massachusetts. Riche learned of the option and interested Quinn and Pipkin in joining Wilkes in his investment. The four men decided to participate jointly in the purchase of the building and lot as a real estate investment. Each of them invested $1,000 and subscribed to ten shares of $100 par value stock in Springside. As a consequence of the strained relations among the parties, Wilkes gave notice of his intention to sell his shares for an amount based on an appraisal of their value. Wilkes was not reelected as a director at the annual meeting. Wilkes at all times was willing to carry on his responsibilities and participation if permitted so to do and provided that he receive his weekly stipend.
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