Grain and Farm Service Centers Volume 32

Grain and Farm Service Centers Volume 32

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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. 1914 edition. Excerpt: ...wrongful acts. Justice Budge of the Supreme Court held: The directors of a. corporation are its agents, and occupy a. fiduciary relation to it. They are therefore held to the exercise of_good faith in all dea.ling)s with the public in connection with the usiness of the corporation, and, if they are guilty of official mismanagement or official misconduct in connection with their duties as such directors, they are personally liable to the party injured. Directors are answerable for ordinary negligence. This means that they are required to give the business of the corporation that care that every man of common prudence takes of his own concerns, and, if the wrongful conversion of the grain and the other produce of the appellant was caused or suffered by reason of the wrongful and careless conduct on the part of the directors, they cannot shift their responsibility. What constitutes a. proper performance of the duties of a director is a question of fact which must be determined in each case in view of all the circumstances. The directors of the respondent corporation are presumed to know the relationship that existed between the appellant and respondent corporation, and, if they, while acting as such directors, willfully and unlawfully permitted their general manager. with their knowledge and consent, to embezzle and appropriate to the use and benefit of the respondent corporation the grain and other produce of the appellant represented by the warehouse receipts, or by the exercise of reasonable diligence and care could and should have known that the in stored with them by appellant was eing unlawfully diverted and embezzled by their general manager. they would be personally liable for the loss thus sustained.-138 Pac. Rep., 825. Liable for...show more

Product details

  • Paperback | 520 pages
  • 189 x 246 x 27mm | 916g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236885163
  • 9781236885166