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Lambert v. Fisherman’s Dock Cooperative, Inc.
New Jersey Superior Court
61 N.J. 596, 297 A.2d 566 (1972)
Facts
In 1957, William Lambert (plaintiff) joined the Fisherman’s Dock Association (the association) (defendant) by purchasing two shares of stock. At the time of the purchase, the association’s bylaws stated that a stockholder was entitled to fair book value of his shares at the time his membership was terminated. In 1962, the association amended the bylaws to entitle stockholders to only the price they originally paid for the stock. The bylaws required only a majority vote to amend the bylaws. Subsequently, the association’s board of directors terminated Lambert’s membership in the association and returned only the price he paid for his shares. Lambert sued the association, claiming that he had a property right in his shares and was entitled to fair market value. The trial court agreed with Lambert and ruled in his favor. The appellate court reversed. Lambert appealed.
Rule of Law
Issue
Holding and Reasoning (Mountain, J.)
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