In the Matter of the Petition to Set Aside the Elections of Directors of George Ringler and Company. Anna…

Summary

The Court held that directors who were not beneficial stockholders at the time of their election, having received only fictitious transfers of shares, were ineligible under the corporation's by‑law and the General Corporation Law, and therefore their elections were void. It also affirmed the court's power under § 32 to investigate elections made by a board to fill vacancies, and consequently set aside the elections of all directors named in the petition.