Buck

Buck v. Tuxedo Land Co.

Good Law
109 Cal. App. 453·1930 Cal. App. LEXIS 435·293 P. 122
Court of Appeal of CaliforniaNovember 10, 1930Docket No. 7443.California2,993 words

Opinion

Lead Opinion

Burroughs, J.

tem.—This is an appeal from a judgment in favor of defendants in an action in equity wherein the plaintiff, a minority stockholder in the Tuxedo Land Company, seeks to enjoin a purchase by said company of all the properties of the Golden Valley Land Company, a corporation.

The offer to sell was authorized by the board of directors of the Golden Valley Land Company and unanimously ratified by its stockholders. The offer was then ■ submitted to the Tuxedo Land Company and accepted by its board of directors on May 5, 1927. A permit was secured from the commissioner of corporations authorizing the Tuxedo Land Company to issue and sell the necessary stock called for by the agreement of sale. A special meeting of the stockholders of the Tuxedo Land Company was called for February 9, 1928, for the purpose of ratifying the proposed purchase. Appellant filed his complaint February 2, 1928, asking that the purported acceptance by the board of directors of the Tuxedo Land Company be declared null and void; that they be restrained from executing a deed or other conveyance; also that they be restrained from holding the proposed ratification meeting on February 9, 1928, or from taking any…

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