Nature of the Case
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Facts
D sold a system of water pipes to the Queens County Water Co. (Water Co.), of which he was a shareholder. D, as shareholder of Water Co., voted in favor of the sale. P objected and contends that the sale should be invalidated because D was a shareholder of Water Co. The deal was approved by a majority of shareholders, and the P was the only shareholder who dissented to the transaction.
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