HURON MILLING COMPANY v. HEDGES

No. 245, Docket 24340.

257 F.2d 258 (1958)

The HURON MILLING COMPANY, Plaintiff-Appellee, v. Elihu HEDGES, Defendant-Appellee.

United States Court of Appeals Second Circuit.

Decided April 28, 1958.


Attorney(s) appearing for the Case

Harris, Beach, Keating, Wilcox & Dale, Rochester, N. Y. (Edward R. Macomber, Rochester, N. Y., of counsel), for plaintiff-appellee.

Branch, Whipple, Moot & Branch (John Branch, Rochester, N. Y., of counsel), for defendant-appellant.

Before CLARK, Chief Judge, HINCKS, Circuit Judge, and BRENNAN, District Judge.


BRENNAN, District Judge.

This litigation challenges the propriety of the action of a director of a corporation in voting that the corporation purchase his own stock and the stock of another at a time when it is alleged that the payment of the purchase price of said stock constituted an impairment of its capital. The action is based principally upon the provisions of Section 58 of the Stock Corporation Law of the State of...

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