i have not briefed the metter completely, but I refer to Section 5456 of Fletcher Cyclopedia Corporations, Permanent Edition, where the matter is discussed. One of the cases cited there is Longyearv. Hardman, et al., decided by the Massachusetts Supreme vucdicial Court in 1914. It is revorted in 219 Mass. 406, ~2OG6 RE. LOR, and dnn. Cas. 1916, D 1200. There the provision in the articles of incorporation was, "None of the hypothecated fourths Stock had of been or the shares of capital transferred capital transferred without stock stock of to defendants the shall the the consent be of sold, three~ corsoration". and they had been Brown- elected to certain offices in the company. Ownership of stock appesred te be a condition to thelr right to hold the office, They were entitled to retain their offices if the atock wag validly transferred to them, The court neld that it was not. Putting 1t in another form, the certificates issued to them were void, not voidable. Applying the same principles to your cese, the Olsen mast be ing-Olsen trustees have no rights whatever irs. Olsen, I understand, has attempted to if that conclusion 1s correct, then family trust. Mrs. to the stock which transfer to them. re- Cognized as the stockholder, so that when the ccrooration dis~tributes the patents and the royalty contractsto its steckholcers, she will take all of the interests therein represented by the totel number of shares whieh have been issuedto her, and in addition the interest represented by her proportion of the shares 752 held shares | by the instead of 508 sheres. if what 1 have said ig That a correct would give statement her of the facts and the law, that would seem to be the only lawful thing to do, This much seems to be entirely clear, that the officers of the company are not justified in transferring the stoek to the Browning~Olsen trustees stockholders, without unless the compelled consent of to ell do of by the an order of of making the year. other courts | the so | You transfer corporation mention in your of the to patents its stockholders letter and the royalty before necessity contracts the end of from the