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MATTER OF BARON v. ROYAL PAPER CO.

36 A.D.2d 112 (1971)

In the Matter of Richard W. Baron, Appellant, v. Royal Paper Corporation, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

February 23, 1971.

Attorney(s) appearing for the Case

Marshall C. Berger of counsel (Weil, Gotshal & Manges, attorneys), for appellant.

Richard H. Wels of counsel (Stephen J. Schaeffer with him on the brief; Sulzberger, Wels & Marcus, attorneys), for respondent.

CAPOZZOLI, J. P., and MARKEWICH, J., concur with STEUER, J.; McGIVERN, J., dissents in an opinion.

STEUER, J.

The Royal Paper Corporation, respondent in the proceeding, is a domestic corporation all the stock of which has always been held by members of the Baron family who were associated with the business. This condition has been preserved since 1937 by a stockholders' agreement which was succeeded by a similar agreement in 1944, which was amended in 1947. The general terms of the agreement are to the effect that when any stockholder desired to terminate...

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