I. Townsend Burden, Appellant v. James A. Burden, Respondents

Summary

The New York Court of Appeals affirmed the lower courts' judgment, holding that the promoters' agreement did not restrain share transfers, the certificate increasing trustees was valid without a formal meeting, the contested by‑law was not void, the corporation's real‑estate and stock holdings were lawful, a stockholder could not enjoin contracts with common directors absent fraud, and the trustees' accumulation of surplus was permissible.