Voting Trusts; A Chapter In Recent Corporate History

Paperback | July 9, 2012

byHarry Alonzo Cushing

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ... corporation for a certain number of days prior to a stockholders' meeting, with the practical result that stockholders of record may vote at a stockholders' meeting who may have ceased to be actual stockholders by selling their stock prior to the meeting and after the closing of the transfer books. The effect of this practice, embodied in statute in a few states, was emphasized in the case of Bache v. Central Leather Co. (78 N. J. Eq. 484; 1911), by the fact that the complainants owned stock, purchased after the books closed, on which of course they were unable to vote and which was in fact probably voted against them. In connection with the same subject, attention may be called to the fact that in the past, as now, large blocks of American stocks were so held abroad that the voting power was separated from what some would probably call the legal ownership. Thus, of large American issues earlier held in England, it was at one time estimated that probably less than five per cent. were registered in the names of the actual owners. As some of these stocks did not then pay dividends, it simply amounted at that time to an abandonment of the right to vote, the successive purchasers not troubling to have the stock properly transferred on the books of the companies. Later, as some of these stocks began to pay dividends, the obvious desirability of sending the certificates to this country for registration occasioned much inconvenience. In addition to this circumstance, it had even then been customary to send such American stocks abroad principally in ten share certificates, which, once endorsed in blank, were transferred repeatedly by delivery; but this practice was abandoned in England as the result of a holding that such certificates were not...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ... corporation for a certain number of days prior to a stockholders' meeting, with the practical result that stockholders...

Format:PaperbackDimensions:60 pages, 9.69 × 7.44 × 0.12 inPublished:July 9, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217416225

ISBN - 13:9780217416221

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