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RODGERS v. BELL

202 A.D.2d 1040 (1994)

610 N.Y.S.2d 111

Wilfred Rodgers, on Behalf of Himself and All Other Shareholders of Gateway Structural Products, Inc., and in the Right of Gateway Structural Products, Inc., Respondent-Appellant, v. Douglas Bell et al., Appellants-Respondents

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

March 11, 1994

Order and judgment unanimously affirmed with costs to plaintiff.

Memorandum:

Despite the fact that there were two shareholders in Gateway Structural Products, Inc., a close corporation, there never was more than one director, in violation of Business Corporation Law § 702. The court did not abuse its discretion in this shareholder's derivative action in voiding disproportionate salary increases to the majority shareholder/sole director/president and secretary...

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