Page:Henry Osborn Taylor, A Treatise on the Law of Private Corporations (5th ed, 1905).djvu/789

 CHAP. XV.] LEGAL RELATIONS AMONG SHAREHOLDERS. [§ 777. CHAPTER XV. LEGAL RELATIONS AMONG THE SHAREHOLDERS OF A CORPORATION. Relations discussed, § 776. Two classes of legal relations be- tween shareholders, §§ 777, 778. Right of shareholders that each shall bear his proportion of the corpo- rate burdens, § 779. Releases. Transfers, § 780. Subscriptions induced by fraud, § 781. Changes in the corporate constitu- tion, § 782. Contribution among shareholders, § 783. Where shareholders are also cred- itors, § 784. Classes of shareholders, § 785. Rights of preferred shareholders, § 786. Shares more fully paid up, § 787. Equal rights of shareholders, § 788. Relations between transferrer and transferee, § 789. Specific performance, § 790. Indemnification of transferrer, § 791. Fraud, § 792. Warranty by transferrer, § 793. Pledge of shares, § 794. Validity of assignment of stock cer- tificates, § 795. As against assignor's creditors, § 796. Stock certificates " in trust," § 797. Right to dividends as between trans- ferrer and transferee, § 798. As between life-tenant and remain- der-man, §§ 799-801. § 776. The legal relations between individual shareholders and the majority acting as the body corporate, were discussed in Chapter IX. It remains in this chap- ^cu^sed ter to consider the relations among individual share- holders acting for themselves and representing only their own rights and interests in the corporate enterprise. § 777. The legal relations between shareholders are of two classes, and may appropriately be treated under two general divisions. First, those which subsist be- tween shareholders, as it were indirectly, by reason of the relationship sustained by them towards the body corporate ; of which relationship the general result that works itself out into relations between the share- holders individually, is that each is entitled as against all others to share in the profits of the corporate enterprise in the proportion borne bv his shares to the total number, and has 49 769 Two classes of legal relations between share- holders.