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CHAPIN v. BENWOOD FOUNDATION, INC.

402 A.2d 1205 (1979)

E. Y. CHAPIN, III, Applicant, v. BENWOOD FOUNDATION, INC., a Delaware corporation, S. L. Probasco, Jr., Walter R. Randolph, Jr., Sebert Brewer, Jr., Joseph H. Davenport, Jr., Robert Pegram Harrison, Sam I. Yarnell, J. Ralston Wells, John P. Wright, the Coca-Cola Company, a Delaware corporation, and American National Bank and Trust Company of Chattanooga, a national banking association, Respondents.

Court of Chancery of Delaware, New Castle.

Decided June 5, 1979.

Attorney(s) appearing for the Case

Michael D. Goldman, of Potter, Anderson & Corroon, Wilmington, for applicant E. Y. Chapin, III and respondents Benwood Foundation, S. L. Probasco, Jr., Walter R. Randolph and Joseph H. Davenport.

Martin P. Tully, of Morris, Nichols, Arsht & Tunnell, Wilmington, for respondent The Coca-Cola Co.

William Prickett and David B. Ripsom of Prickett, Ward, Burt & Sanders, Wilmington, for amicus curiae, Robert Pegram Harrison.

BROWN, Vice Chancellor.

The question presented in this case is whether the board of trustees of a Delaware nonprofit, charitable corporation can bind itself by the written agreement of its individual trustees to limit the composition of the board to a number of trustees less than that authorized by the certificate of incorporation and, also, whether by the same agreement it can legally bind itself in advance to name designated...

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