A Russian insurance company, driven from its domicil by the revolution and subsequent nationalization decrees of the Soviet government, was attempting to gather assets located without Russia through the surviving directors, who constituted less than a quorum of the last board. For the purpose of suit in New York the directors authorized an assignment to the plaintiff, an American corporation, of a claim against the defendant, a British corporation, arising out of a contract made in England. In the subsequent suit it was held that the directors' authority was limited to that of conservators, and did not include the power to assign intangibles not definitely located in New York. Severnoe Securities Corporation v. London & Lancashire Insurance Co., 255 N. Y. 120, 174 N.E. 299.