CORPORATIONS-APPRAISAL STATUTES-DEMAND BY DISSENTING SHAREHOLDER FOR CASH VALUE OF HIS SHARES

Authors

William J. Schrenk, University of Michigan Law SchoolFollow

Abstract

Plaintiff shareholder, who dissented from a plan to sell all of defendant corporation's assets, sued under the Ohio statute to obtain appraisal of his shares. At plaintiff's request, an objection to the sale and a demand for the cash value of his shares was served upon defendant by his, attorney. Although the demand was made within the required period after the shareholders' meeting at which the plan was accepted, the trial court refused to allow appraisal on the ground that plaintiff did not make the demand personally and had not notified the corporation that his attorney was authorized to act in his behalf in making the demand. On appeal, held, affirmed. Where demand for payment is made by an attorney, there must be an appointment in writing, signed by the shareholder, and exhibited to the corporation within the statutory period allowed for demand. Klein v. United Theaters Co., (Ohio 1947) 74 N.E. (2d) 319.

Recommended Citation

William J. Schrenk, CORPORATIONS-APPRAISAL STATUTES-DEMAND BY DISSENTING SHAREHOLDER FOR CASH VALUE OF HIS SHARES, 46 Mich. L. Rev. 562 (1948).
Available at: https://repository.law.umich.edu/mlr/vol46/iss4/12