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MARTIN v. AMERICAN POTASH & CHEMICAL CORP.

92 A.2d 295 (1952)

MARTIN et al. v. AMERICAN POTASH & CHEMICAL CORP.

Supreme Court of Delaware.

October 30, 1952.

Attorney(s) appearing for the Case

Daniel O. Hastings and Ayres J. Stockly (of Hastings, Stockly & Walz), of Wilmington (William Gellin, of New York City, on the brief), for plaintiffs below, appellants.

Edwin D. Steel, Jr., and William S. Megonigal, Jr. (of Morris, Steel, Nichols & Arsht), of Wilmington (Oliver & Donnally, of New York City, on the brief), for defendant below, appellee.

SOUTHERLAND, C. J., and WOLCOTT and TUNNELL, JJ., sitting.

SOUTHERLAND, Chief Justice.

The essential question presented is whether a purchase by a Delaware corporation of its own shares at private sale for retirement may be lawfully made without a pro rata offering to all holders of the class or classes of stock purchased.

The facts are these:

American Potash & Chemical Corporation (herein "defendant") is and for many years has been engaged in the manufacture and sale of potash and other industrial and...

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