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Court vacates order appointing directors of foundation

Court vacates order appointing directors of foundation

Court vacates order appointing directors of foundation

An appellate court in New York has affirmed a trial court decision vacating an order appointing several individuals as directors of a foundation. The original order had been granted, without an adversarial hearing, when the son of the founder of the foundation told the court that the original directors were dead, no successor directors had ever been appointed, and the application was urgent because assets to which the corporation was entitled would shortly escheat to the government if new directors did not take action to retrieve them. When the real directors heard of the petition, they moved to vacate it, showing corporate records of their election and substantial contributions from the...

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