Word: coops
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Dates: during 1960-1969
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...rewording of the dissolution clause such that if the Coop ever had to dissolve, its assets would be distributed at the discretion of the board of directors, instead of merely reverting back to Harvard as originally worded...
...laws Revision Committee studied the problem for a year. Last Monday the Committee submitted its proposal to the stockholders, who approved it. Normally the stockholders ten men who nominally hold the Coop stock in trust-have the power to change the by-laws themselves, but any amendment which alters the relationship between management and the members must also be ap-proval by a favorable majority of at least 25 per cent of the members...
Apart from the voting process, the Coop directors have also taken the opportunity to revise the by-laws generally, something that has not been undertaken, except for minor amendments, since 1916. "In studying the by-laws the revision committee discovered a number of ambiguities, inconsistencies, and a few articles of questionable legality." Brown said...
Most of the elements of the new plan had been suggested last spring, Brown said, but the summer was used to work out the kinks and to check the legality. The Coop's general counsels, Louis Loss, William Nelson Cromwell Professor of Law, and William D. Andrews, professor of Law and the Boston firm of Peabody, Brown, Rowley, and Storey have managed to pull the changes into a coherent, workable, legal plan, Brown said...
...that the stockholders have approved the changes, the directors have set up the following timetable for this year's Coop elections...