In Oppenheimer v. Win. F. Chiniquy Co., a stockholder sought to compel the corporation to issue to him his pro rata share of treasury stock which had been offered to the shareholders on August 6, 1945. The final date for application was September 6, but no time for payment was specified. The shareholder wrote to the company accepting the offer before the final date, but did not tender payment until October 16. The corporation had not disposed of the shares, and the court ordered the company to issue them to the shareholder, holding that the delay was of no importance.
Frank L. Adamson S. Ed.,
CORPORATIONS-PREEMPTIVE RIGHT TO SUBSCRIBE TO STOCK ISSUES- NECESSITY OF ACTION BY THE SHAREHOLDER,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol47/iss6/7