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ADAMS v. CLEARANCE CORPORATION

121 A.2d 302 (1956)

A. F. ADAMS, Alice E. Adams and Almera Electric Company, a Delaware corporation, Appellants, v. CLEARANCE CORPORATION, a Delaware corporation, Allen S. Crane, Ranford Dunlap, Theodore S. Gary, G. L. Grawols, F. S. Spring, Emmett Swanson, E. C. Blomeyer, C. S. Cadwell, A. E. Carlson and V. E. Chaney, said individuals as Voting Trustees of a certain Voting Trust Agreement dated April 1, 1954 covering voting stock of General and Telephone Investments, Inc., General and Telephone Investments, Inc., a Delaware corporation, and R. E. Williams, Appellees.

Supreme Court of Delaware.

February 29, 1956.

Attorney(s) appearing for the Case

John Van Brunt, of Killoran & Van Brunt, Wilmington (Miller Walton, of Walton, Lantaff, Schroeder, Atkins, Carson & Wahl, Miami, Fla., of counsel), for appellants.

Thomas R. Mulroy, of Hopkins, Sutter, Halls, Owen & Mulroy, Chicago, Ill., (Richard F. Corroon, of Berl, Potter & Anderson, Wilmington, with him on the brief), for appellees.

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

SOUTHERLAND, Chief Justice.

This appeal brings up for review an order of the Vice Chancellor of September 27, 1955, denying a motion for a preliminary injunction seeking to restrain the voting of shares of a subsidiary deposited by the parent corporation in a voting trust.

The question presented is whether the voting trust is valid. It is attacked on two grounds: (1) as an unlawful delegation of the duties of the...

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