Court Opinion

ID: 9650876
Source: CourtListenerOpinion
Date Created: 2023-08-23 15:53:48.39186+00
Date Added: 2024-06-11T18:12:26.580185
License: Public Domain

SCHREIBER, J.,
dissenting.
I dissent essentially for the same reasons expressed in my dissent in the companion case, Protestant Episcopal Church v. Graves, 83 N.J. 594 (1980), decided this day. Moreover, to the extent that the majority relies upon statutes enacted after the Act of February 17, 1829, L. 1828, p. 71, under which St. Mark’s was reincorporated in 1832, such reliance would appear to be misplaced. The reserved power to modify a corporate charter which retroactively affects rights of stockholders inter se and with the corporate entity, does not appear to have come into existence until February 14, 1846. L. 1846, p. 16, § 6. See Trustees of Dartmouth College v. Woodward, 17 U.S. (4 Wheat.) 518, 4 L.Ed. 629 (1819).
For affirmance—Chief Justice WILENTZ and Justices SULLIVAN, CLIFFORD and POLLOCK—4.
For reversal —Justices PASHMAN, SCHREIBER and HANDLER—3.