CORPORATIONS--BY-LAWS--RESTRICTIONS ON TRANSFER OF BANK STOCK

Authors

Hugh B. Muir, University of Michigan Law SchoolFollow

Abstract

Plaintiff received thirty shares of bank stock by bequest. Before she presented the shares to the bank for transfer, the stockholders, by a majority vote (plaintiff dissenting), amended the by-laws so as to limit to certain classes the persons to whom the bank stock could be transferred, whether by transfer inter vivos, will, or descent. A mandamus proceeding was initiated against the bank to compel a transfer of the shares free of the restrictions. On defendants' appeal from a ruling denying a motion to quash an alternative writ, held, affirmed. The restrictions sought to be imposed were not authorized by statute. Wentworth v. Russell State Bank, (Kan. 1949) 205 P. (2d) 972.

Recommended Citation

Hugh B. Muir, CORPORATIONS--BY-LAWS--RESTRICTIONS ON TRANSFER OF BANK STOCK, 48 Mich. L. Rev. 232 (1949).
Available at: https://repository.law.umich.edu/mlr/vol48/iss2/11