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SPRINGER
No. 26979
April 1, 1927
FACTS:
The National Coal Company is a corporation organized by virtue of Act No. 2705 and of
the Corporation Law
o By the terms of the charter of the corporation, the Governor-General was
directed to subscribe on behalf of the Government for at 51% of the capital of
the corporation.
o The Government eventually became the owner of more than ninety-nine per
cent of the thirty thousand outstanding shares of stock of the National Coal
Company
Only nineteen shares stand in the names of private individuals
A special meeting of the stockholders
ISSUE:
HELD: