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Brookhaven Academy is a for-profit corporation. It is a general-purpose corporation. One of the enumerated corporate purposes for the Academy in its articles of incorporation
Brookhaven Academy is a for-profit corporation. It is a general-purpose corporation. One of the enumerated corporate purposes for the Academy in its articles of incorporation is for the organization and operation of schools, it has many others, including To have and to exercise all powers conferred by the laws of the State of Mississippi upon corporations and to act in matters concerning the sale, lease, acquisition, and disposal of real and personal property. Keene, an Academy shareholder, sued the corporation after it set up and transferred the use of assets to a nonprofit, educational foundation. Keene argued that the court should block the transfer of assets because the transfer was outside of the Academys corporate powers. Was the transfer of
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