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v. i. ,?•:. l ^ - ^ - i i ^

ii£Z^

v

*

t h i s sea© t h e minority stockholder of a holding ©o:npe.ny
©lai :i®<t t h a t it M i N I M
fJ MM M

•

th® stockholders of the holding com*

peny mis req'Lr^J la o r 4 f for the *rholly owned s u b s i d i a r i e s of t h e
holr •

ip*ry GOfcfMNMfera l l t h e i r a s s e t s t o another ©ompany

« loag t « r a lease*

The holding ee»pft.nyf

nited I r a c t i o n

lectri©

-arry, owned a l l t h e stock of s e v e r s ! str@@t railway oo^|>ftnies|
by Toting I t s shares in t h e s e s u b s i d i a r i e s i t hart ihess l e a s e a l l t h e i r
pftpejpttM for i pjeylf I
land CtaM|MB/«

I

I

'-••• I MllFd ecKioa?iy# th@ fefjAej I s -

All the stock of the ^iode Island Co;?.pan.y was, in t u r n ,

&tsq>,vir&d by a fourth MsjsjM(fa the Rhode Island S e c u r i t i e s Compcijy*
p l a i n a a t sued the Tractlo-.-

; > s c m - i t i e s Ooiaparty in equ
*

t1f>lf»tlff t h a t su©h a feraasfsr of the property of th# subsidiary s t r e e t
railway oompR.ni«rg T®Q'iiv®d tjhs SJSJMIMNM co^tsent of the stoc>;jr?l /: ers of
th© Traotton 0ejapnsjf«

Th® eourt held! t h a t the sjej|(Mtt| of the wfrlitl*

a r y f s sole stooWiolder i * e , the Bnaetlon Oompany, isas s^iffioisnt, and
t h a t unanimous consent ef the i
n t h i s oornn^otion i t
v

Iders ef t h e fraetiom Company was
stated:

it i s impossible, .iow©ver» t o aooept the
t h a t fche BORHnaserit t f a shareholder «f the f r a c t i o n
should be gfcvejR th« s«®ie eff—l as t h e nofi-assetit of a
aViarshold^r in ©aeh si the l e s s o r s t r e e t railway
.ither as » yiatter si
• nor as & -oitt«r of substance can
t h e (WmplliBMil bf fsjsjajHM as a shareholder, or e n t i t l e d t o
o l a i « %b* r i g h t s oil & »h&rsholclffr 1 B any one of the l e s s o r
oompanies» 9sj i s merely a s^tareholder in & corporate owner
of a l l eke sjfcfjtjtl o- t h s •%re<> rfeil'sre.y c o r p o r a t i o n s , m*k iff
which l i s t i l l i rfistltiet corporation whose
SJHSJMI I P ignored •**
M




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