Summary
holding that corporation complied with its obligations under the statute, id. at 17, when it offered books and records of account “insofar as they show such matters as ... [c]ompensation to officers and counsel” and “[d]isbursements by the company in connection with any matters mentioned in [the shareholder's] letter,” id. at 16
Summary of this case from Pederson v. Arctic Slope Reg'l Corp.Opinion
April 19, 1960.
May 23, 1960.
Corporations — Foreign corporations — Inspection of books by shareholders — Corporation's offer to permit inspection of specified records — Business Corporation Law.
In this action of mandamus by minority shareholders who own less than 2% of the defendant foreign corporation's stock to compel it to produce for inspection 16 different categories of books and records, in which the complaint showed that the corporation had offered for inspection all of the books and records required by the Business Corporation Law of 1933, P. L. 364, § 308B, and had further offered that if on examination such books and records did not serve plaintiffs' purpose, the corporation would then consider a request for any additional inspection; and it appeared that without availing themselves of such offers, plaintiffs instituted this action in mandamus, in which preliminary objections were filed, it was Held that the court below had properly dismissed the action.
Before JONES, C. J., BELL, MUSMANNO, JONES, COHEN, BOK and EAGEN, JJ.
Appeal, No. 198, Jan. T., 1960, from order of Court of Common Pleas No. 1 of Philadelphia County, June T., 1959, No. 3069, in case of Michael Donna et al. v. Abbotts Dairies, Incorporated et al. Order affirmed.
Same case in court below: 20 Pa. D. C.2d 463.
Mandamus.
Defendants' preliminary objections to complaint sustained and order entered dismissing complaint, opinion by GRIFFITHS, J. Plaintiffs appealed.
Rutledge Slattery, with him Andrew Mutch Knowlton, Daniel B. Michie, Jr., Frank Slattery, and Fell Spaulding, for appellants.
Arthur Littleton, with him Henry T. Reath, Claude C. Smith, and Duane, Morris Heckscher, and Morgan, Lewis Bockius, for appellees.
The order of the court below dismissing the plaintiffs' complaint in mandamus is affirmed on the opinion of Judge GRIFFITHS, reported in 20 Pa. D. C.2d 463.