American Law Reports Annotated Volume 2

American Law Reports Annotated Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ...absence of actual suspicion bf honesty, a daily watching of each motion and action of the officer who has opportunity to borrow or steal.... The directors do not occupy the position of guarantors of his honesty. They are bound only to exercise such care and diligence in looking over his work as experience has shown is at once proper as well as practicable, and as is exercised by other experienced directors, and as is required by their charter and by-laws." Pitney, V. C, in Campbell v. Watson (1901) 62 N. J. Eq. 396, 50 Atl. 120, supra. In Warren v. Robison (1899) 19 Utah, 289, 75 Am. St. Rep. 734, 57 Pac. 287, supra, it was said that it is necessary for directors "to give the business under their care such attention as an ordinarily discreet business man would give to his own concerns under similar circumstances; and it is, therefore, incumbent upon them to devote so much of their time to their trust as is necessary to familiarize them with the business of the. institution, and to supervise and direct its operations." In a case where losses of a bank were due to bad loans, some of them to the cashier and his firm, the court said, in denying the right of action by the creditors against the directors: "It would therefore seem that the defendant directors were remiss in the discharge of their duties in not knowing, when it was their duty to know, that loans were being made by the bank in violation of the statute, and to persons in amounts larger than its capital.... They were guilty of gross neglect in leaving the entire management of the business of the bank to the cashier. And it is no excuse for the want of diligence to say that they had no benefit from it, and that their services were gratuitous, when, by the exercise...
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Product details

  • Paperback | 1136 pages
  • 189 x 246 x 56mm | 1,982g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236547322
  • 9781236547323