Williams Shoe Co. v. Hoffard

Citations

• 29 Ohio C.C. Dec. 340
• 27 Ohio C.C. (n.s.) 513

Syllabus

<p>AWARDS—CORPORATIONS—SALES.</p> <p>1. Sale of Entire Assets of Corporation Requires no Confirmation.</p> <p>In an action to restrain the directors of a corporation from selling and disposing of all the assets of the corporation contrary to the provisions of Secs. 8710 to 8718 G. C., inclusive, and for an accounting against one of the directors who claims to be a purchaser of the corporation assets, there is no power or authority in the court to order a sale of the assets, and to confirm a sale made by the corporation under the provisions of Secs. 8710 to 8718 G. C., inclusive. A sale made in conformity to the provisions of said sections requires no court proceedings.</p> <p>2. Equitable Action not Engrafted Upon by Action at Law Except by Supplemental Petition.</p> <p>In such an action for an injunction and an accounting, an action at law for the recovery of money only can not be engrafted on such bill in equity either by supplemental petition or by an intervening petition whereby the nature of the action is sought to be changed from an action in equity to one at law.</p> <p>3. Award of Two Arbitrators is Common Law not Statutory Award.</p> <p>An award by two disinterested arbitrators under Sec. 8713 G. C., which provides for an award by three arbitrators,, is not a statutory award under Sees. 12149 to 12160 G. C. inclusive; but the award provided for in said Sec. 8713 G. C. is a common law award and requires the concurrence of the three arbitrators.</p> <p>[Syllabus by the court.]</p>