Word: legally
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Dates: during 1900-1909
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...been explained to many of those, who have taken an active part in favor of or against various plans of incorporation of the Co-operative Society, that under any plan the legal right to elect the directors must be vested in the stockholders and the legal right to choose the president must rest with the directors. In the plan now under consideration, therefore, the obligation of the stockholders, when electing the directors, to respect the will of the members of the Society as expressed at their annual meeting, must be honorary and not legal. The same is true...
...proper to add that the plan of incorporation about to be considered was recommended in the confident belief that, for all practical purposes, the honorary obligation imposed upon the stockholders and directors would be fully as effective as any legal obligation. JAMES BARR AMES...
...five stockholders to have the right to apply at any time to the Court for a dissolution of the corporation, and upon its legal dissolution, all the assets of the corporation to vest, subject to its liabilities, in the general body of participating members, as a voluntary association of the same nature and with the same constitution and by-laws as those of the present Society at the moment before incorporation...
...five stockholders to have the right to apply at any time to the Court for a dissolution of the corporation, and upon its legal dissolution, all the assets of the corporation to vest, subject to its liabilities, in the general body of participating members, as a voluntary association of the same nature and with the same constitution and by-laws as those of the present Society at the moment before incorporation...
...alleged uncertain legal status of the Society...