(Download) "Bleck v. East Boston Co. Et Al." by Supreme Court of Minnesota # Book PDF Kindle ePub Free
eBook details
- Title: Bleck v. East Boston Co. Et Al.
- Author : Supreme Court of Minnesota
- Release Date : January 10, 1939
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
LUMMUS, Justice. This is a bill by a minority stockholder of East Boston Company. It does not set forth the relevant amendments to the original charter. The briefs refer us to some of them but leave us to search for others. G.L. (Ter.Ed.) c. 233, § 74, providing that acts of incorporation are public acts, which courts will notice without allegation or proof (American Steel & Wire Co. v. Bearse, 194 Mass. 596, 600, 601, 80 N.E. 623; Selectmen of Clinton v. Worcester Consolidated Street Railway Co., 199 Mass. 279, 283, 85 N.E. 507), applies equally to amendments to such acts. The original act of incorporation, St.1833, c. 152, in section 2 authorized the corporation to hold real estate on Noddles Island (now called East Boston) with such personal property as may be necessary for the proper conducting of the affairs of said corporation, provided the whole real and personal estate of the corporation shall not exceed in value $500,000. The corporation was empowered to sell and convey, lease, mortgage, or otherwise dispose of said corporate property, or any part thereof, and to manage and improve the same at its will and pleasure, with authority to construct dams, docks, wharves and buildings, and to lay out streets and passage ways within the limits of said island, as it shall deem expedient. St.1840, c. 93, and St.1909, c. 520, do not seem significant. By St.1928, c. 116, this provision was made: In addition to its corporate powers and privileges, as now existing under its charter and any amendments thereto, said corporation shall have and exercise all the powers and privileges and be subject to all the duties and liabilities of domestic business corporations as provided in G.L. cc. 155, 156. One of those powers is to convey land. G.L. (Ter.Ed.) c. 155, § 8. Another is to mortgage land. G.L. (Ter.Ed.) c. 156, § 4(c). Even a mortgage or sale of all its property and assets may be authorized by a two-thirds vote of each class of stock. G.L. (Ter.Ed.) c. 156, § 42; Susser v. Cambria Chocolate Co., Mass., 13 N.E.2d 609.