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LOUISIANA WEEKLY PUB. CO., INC. v. FIRST NAT. BANK OF COMMERCE

Nos. CA-3713, CA-3828 and CA-3881.

475 So.2d 1126 (1985)

The LOUISIANA WEEKLY PUBLISHING CO., INC. and Constant C. Dejoie, Jr., Individually and as President, Publisher and Stockholder v. FIRST NATIONAL BANK OF COMMERCE and Henry B. Dejoie, Individually and as a Stockholder, and Renette D. Hall, Individually and as a Purported Representative of a Purported Stockholder, Louise Wilcox and Louise Wilcox Vivian Dejoie ROUSSELL and Constant C. Dejoie, Jr., as Shareholders of the Louisiana Weekly Publishing Co., Inc. and the Louisiana Weekly Publishing Co., Inc. v. Henry B. DEJOIE, Secretary of the Louisiana Weekly Publishing Co., Inc. and the Louisiana Weekly Publishing Co., Inc. Vivian Dejoie ROUSSELL and Constant C. Dejoie, Jr. as Shareholders of the Louisiana Weekly Publishing Co., Inc. and the Louisiana Weekly Publishing Co. Inc. v. Henry B. DEJOIE, Secretary of the Louisiana Weekly Publishing Co., Inc. and the Louisiana Weekly Publishing Co., Inc.

Court of Appeal of Louisiana, Fourth Circuit.

Writ Granted November 8, 1985.

Attorney(s) appearing for the Case

Ralph S. Hubbard, III, Yvonne Chalker, Barham & Churchill, New Orleans, for appellants.

Ernest L. Jones, Jones Associates, Ltd., New Orleans, for appellees.

Before BARRY and WARD, JJ., and PRESTON H. HUFFT, Pro Tem.

PRESTON H. HUFFT, Judge Pro Tempore.

In these consolidated appeals, we are called upon to interpret a provision of the articles of incorporation of a closely held corporation that requires stockholders to offer their stock for purchase by the corporation at book value before transferring it to anyone else. The trial court held that an attempted sale of stock without first affording the corporation its option divested the stockholder of ownership and accorded the stock...

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