Page to No. 3d. i have not 5455 of Section Edition, where briefed Fletcher the matter is the matter Cyclopedia discussed. there is Longyearv. Hardman, et supreme Judicial Court in 1914. 106 NE. 1O1l2, and in the articles of "None of hypothecated fourths of were validly but Permanent One the or the Shares of transferred capital capital without stock to in to of the the cases cited the shall provision be consentof sola, three- corporation". the defendants and they the company. Ownershin their right to hold the had been of stock office. was entitied to retain their offices to them, The court in another form, not voidable. the There stoek transferred Putting it were void, of 1 refer al., decided by the Massachusetts It is reported in 219 Mass. 405, Ann. Cas. 1916, D 1200. incorporation was, Stock had been transferred elected to certain offices appeared to be a condition They completely, Corporations, the if neld certificates the stock that it issued to was not. them Applying the same principles to your case, the Browning-Olsen trustees have no rights whatever to the stock which irs. Olsen, I wnderstand, has attempted to transfer to them. if that conclusion is correct, then Mrs. Olsen must be recognized as the stockholder, so that when the corvoration distributes the patents and the royalty contracts to its stockholéers, she will take all of the interests therein represented by the and the 7Se in addition the interest represented by her proportion shares held by the family trust. That would give her shares instead of 508 sheres. total if number what of I sheres have facts anc the law, that to do. This much seems seid would to be which is a have correct been issued statement to of her, of the seem to be the only lawful thing entirely clear, that the officers of the company are not justified in transferring the stock to the Browning-Olsen trustees without the consent of e111 of the other stockholders, unless compelled to do so by an order of court. You mention in your letter the necessity of making the transfer of the patents and royalty contracts from the corporation to its stockholders before the end of the year.