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ENGLAND v. CHRISTENSEN

Docket No. 22497.

243 Cal.App.2d 413 (1966)

52 Cal. Rptr. 402

JOHN M. ENGLAND, as Trustee, etc., Plaintiff and Appellant, v. ANDREW G. CHRISTENSEN et al., Defendants and Respondents.

Court of Appeals of California, First District, Division One.

July 12, 1966.

Attorney(s) appearing for the Case

Jacobs & Hoffman and Harvey W. Hoffman for Plaintiff and Appellant.

Truett, Durham, Conn & Breiner, Harold J. Truett, Foley, Saler & Doutt, Lawrence D. Saler and Edmund B. Schultz for Defendants and Respondents.

SULLIVAN, P.J.

We hold in this case that the purchase by the corporation out of stated capital of the shares issued by it was not made to compromise a controversy between said corporation on the one hand and the selling shareholders on the other and was therefore unauthorized and unlawful. As we explain, the trial court erroneously interpreted the statutes authorizing such a purchase and imposing liability upon selling shareholders for their violation. While we deem...

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