(Download) "Matter Ann Davis v. Adirondack Industries" by Supreme Court of New York # eBook PDF Kindle ePub Free

January 16, 2021

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Title: Matter Ann Davis v. Adirondack Industries
Author : Supreme Court of New York
Release Date : January 19, 1970
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 64 KB

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[33 A.D.2d 1100 Page 1100] Memorandum: In affirming Special Term's denial of appellants' motion to dismiss respondent's petition on the ground of untimeliness
(CPLR 404, subd. [a]), we are not unmindful that a procedure to enforce a shareholder's right to receive payment for her shares
(Business Corporation Law, 623) is conditioned upon the shareholder's adherence to the time requirements of the statute
(Matter of McKinney [ Bush Term. Bldgs. Co.], 306 N. Y. 207; Matter of Marcus [ Macy & Co.], 297 N. Y. 38, 44). The Legislature,
nevertheless, recognized that equity requires that the court have some discretion to waive absolute compliance where special
circumstances justify such determination. Section 623 (subd. [h], par. [2]) of the Business Corporation Law provides that
"If such proceeding is not instituted within such thirty day period, all dissenter's rights shall be lost unless the supreme
court, for good cause shown shall otherwise direct " (Emphasis supplied.) Special Term properly found good and sufficient
cause in the circumstances in the instant case to excuse the 25 days' delay. This is particularly true because of the absence
of prejudice to appellant corporations and the [33 A.D.2d 1100 Page 1101]