Stern v. Stern, 8764.
| Decision Date | 29 January 1945 |
| Docket Number | No. 8764.,8764. |
| Parties | STERN v. STERN et al. |
| Court | U.S. Court of Appeals — District of Columbia Circuit |
Mr. Leon Tobriner, of Washington, D. C., for appellant.
Mr. Levi H. David, of Washington, D. C., for appellee Cecelia Stern.
Mr. Hymen Stern, pro se.
Before GRONER, Chief Justice, and EDGERTON and ARNOLD, Associate Justices.
The question is whether the following corporate by-law prevents a stockholder from disposing of his stock by will: We agree with the District Court in answering the question in the negative. The requirement that stock shall first be offered to the corporation and then to the stockholders before it is transferred obviously means that the stockholder must make these offers before he voluntarily transfers his stock, not that he must make them before he dies. The bylaw does not apply to the situation which arises when, because of a stockholder's death, transmission or devolution of his shares is inevitable. We need not consider whether, in its intended application to a voluntary transfer, the by-law is sufficiently definite for enforcement and is valid; cf. Uniform Stock Transfer Act, made applicable in the District of Columbia by Act of Congress of Dec. 23, 1944, c. 729, Sec. 15, 58 Stat. 930.
Affirmed.
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