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1945 Arizona Attorney General Reports and Opinions 1 (1945)

handle is hein.sag/sagaz0066 and id is 1 raw text is: January 8, 1945 Arizona Corporation Commission Capitol Annex Phoenix, Arizona Re: File 425 Gentlemen: We have your letter of October 11, 1944 which reads as follows: .A .complaint has been filed with us by a stockholder of the Sacaton Farms Company to the effect that although the company is carrying on extensive operations and it is believed earning substantial dividends, it has never reported the condition of its affairs to its stockholders and that the latter-are in complete darkness concerning the financial condition of the company. We have been asked to ascertain all of the facts direct from the com- pany. Since this is a private corporation, there may be some doubt as to our power to investigate and develop all of the facts in the case. For that reason, we are re- ferring the matter to you with the request that yoxt take such steps as in your judgment are necessary for the pro- tection of the stockholders. It appears from your letter that Sacat6n Farms Company is a private corporation, therefore the Commission does not have, jurisdiction over the controversy mentioned in your letter. If there is any difference between the stockholders and the officers or directors of the company, such difference will have to be determined by the courts in a civil action if the parties cannot agree. Very truly yours, JOHN L. SULLIVAN Attorney General EARL ANDERSON Assistant Attorney General 45-1 Digitized from Best Copy Available

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