[DOWNLOAD] "Matter Robert B. Sasseen Et Al. v. Danco Industries" by Supreme Court of New York * eBook PDF Kindle ePub Free
eBook details
- Title: Matter Robert B. Sasseen Et Al. v. Danco Industries
- Author : Supreme Court of New York
- Release Date : January 20, 1964
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
Findings of fact inconsistent with this decision are reversed, and new findings are made as indicated herein. It is undisputed that petitioners made their objection to the sale and their demand for payment of the value of their shares of stock, as required by section 20 of the Stock Corporation Law. They therefore were entitled to have their shares appraised and paid for in the manner provided in section 21 of that statute, were it not for the fact that they failed to make timely submission of their stock certificates to the corporation for notation thereon of the fact that they had made such demand, as required by subdivision 8 of section 21. In our opinion, upon the basis of the undisputed facts in this record, good and sufficient cause has been shown to warrant relieving petitioners from the consequences of their omission. Communications passed between representatives of petitioners and the corporation concerning payment from the time that the sale was approved at a stockholders' meeting, on January 30, 1963, until the commencement of this proceeding on March 21, 1963. The last day for compliance with the requirement for the submission of the certificates was February 25, 1963. Throughout this interval of time the corporation had no reason to believe that petitioners would relinquish their right to appraisal and to demand payment. Denial of relief to petitioners would result in substantial prejudice to them. They would be deprived of