The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-27

ton Have the property rights Of the stock
he iers been invaded or destroyed"
The right reserved in the old charter ,tc
permit by a three-fourths vote OF the di-
rcctors the policyholiers Of 5000 or over
to vote in person for directors is held to be
imperative for the reason that at the time
the charter was fled fe insurance com.
pany coull be organized only as a stock
company and there was no power to IN
dude in the charter any right to pol cyhol 4.
Justice Maddox. 1t was said. .wouli have
absclutsl; no effect on the society's pol cy
of dong business ION the mutual I Ian" AZ
it has advertised for many years.
Justice Maddox holds that the suggestion
Of counsel for MIR. Hyde !1,, and his Gotrustee
that the assent of the majority of the stock
is sufficient to bind the minority stock
holders even ii no regular meeting was
held for the purpose, is without erit.
In regard to. the society's $50 900 ,oW
surplus Justice Maddox says:
1T is unnecessary on this motion to ex-
press any opinion as to the rights OF either
the policyhoders or the stockho lders to the
surplus or any part thereof. Indeed. the
policyholders are not before the court
none having interviewed, and this question
should await the trial Of the action. when,
that they be brought in, Suffice here
TO say that Plaintiff and the intervening
defendant stockholders claim to be en-
titled to part and share in the surplus
Whatever right, if any, the stockholder
may have to the surplus grows out OF his
took of the company. and must await
final distribution, while here the policy
holders right is dependent upon his policy
and it's continuance and must he deter
mined by the terms of that instrument ~
The internal differences between some OF
! hoU DrnTpinantIv CnnCnrpa6
with the management Of the company,
Justice Maddox saws. have had no weight
with the Court on this motion: The Court
has nothing to do he says, with the rea-
sons or purposes actuating either those
who have sought to bring about the con-
tempiated change Of charter, or of those
who now seek to restrain its ehectuation.
The intentions of all are presumed to be for
the good Of those interested. and it is for
this Court only to consider and fearlessly
to determine the questions presented.
Justice Maddox denied the motion of
Mr.. Alexander's lawyers that certain per-
sonal references to President Alexander in
the Hyde papers be stricken out. lhe
notion Justice Maddox conclu3es, lis
granted but limited to the filing and efec-
tuation of such proposed amended charter
for it appears that such contemplated,
amendment has been adopted and executed
by the board Of directors.
This means that the injunction will re-
strain the board OF directors from pre-
sentjng he charter to he Attorney General
for his approval and from fling it in the
State Superintendent OF Insurance's office.
The amended charter is now in the hands
Of the state Superintendent, whittier it
was rushed by special messenger by the
Alexander people as soon as the Lord suit
was begun.
An Alexander lawyer commenting on
the decision last night. said that it was a
most radical one. Under the terms of
the decision about the only way that the
societ v, he said seemed to be in he arrange.
nent of some plan bv which the stock
can lie bought. Mr.. Hyde. however, will
net, it is said, part with his stock for any
monetary consideration.
This Alexander lawyer said hat they
hoped to get the appeal argued on the
June calendar but were not sure Of Il.