(DOWNLOAD) "Tri-Continental Corporation v. Battye Et" by Supreme Court of Delaware * eBook PDF Kindle ePub Free
eBook details
- Title: Tri-Continental Corporation v. Battye Et
- Author : Supreme Court of Delaware
- Release Date : January 08, 1950
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
WOLCOTT, Judge, delivering the opinion of the Court: Section 61 of the General Corporation Law Code 1935, § 2093, provides that upon the merger of a corporation, stockholders who object to the merger and who fulfill the statutory requirements to register their objection shall be paid the value of their stock on the date of the merger, exclusive of any element of value arising from the expectation or accomplishment of the merger. The meaning of the word 'value' under this section of the Corporation Law has never been considered by this court. However, the Court of Chancery has, on several occasions, applied a definition of value under the section. This definition was first formulated in Chicago Corporation v. Munds, 20 Del. Ch. 142, 172 A. 452, and was followed in Root v. York Corporation, Del. Ch., 50 A.2d 52 and In re General Realty & Utilities Corporation, Del. Ch., 52 A.2d 6. We think the basic doctrine of valuation applied in Chicago Corporation v. Munds, supra, was formulated in accordance with proper principles and the better reasoned authorities.