Delaware Supreme Court

CORPORATIONS – The state Supreme Court invalidated a vote in which a father, his adult daughter and the father’s brother elected themselves as B.F. Rich & Co.’s directors and officers. The father’s voting of his minor children’s stock shares constituted a “use” of those shares within a guardianship statute of Connecticut, where the children lived. Only a court-appointed guardian could have voted those shares, the court ruled, because the value of the children’s share represented 49 percent of the corporation’s stock and exceeded $10,000. Reversed. B.F. Rich & Co. v. Gray

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