Massachusetts Reports Volume 226

Massachusetts Reports Volume 226

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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. 1917 edition. Excerpt: ...relations with much particularity, the frame of the original bill is more comprehensive, the contest finally centred upon the right of the corporation to employ and pay counsel for services rendered in certain suits in which it had been made a party. The plaintiffs contend that the directors in voting for these expenditures exceeded their powers, and it becomes necessary to review in connection with the evidence reported the findings of the master on this question. The finances of the corporation having become so straitened that insolvency seemed inevitable, the plain tiffs, who were deeply interested in its success, succeeded in obtaining from the defendant Flanders and one Hopkins, with whom one Bartlett was subsequently associated, the pecuniary assistance needed, and a voluntary reorganization without scaling the liabilities of the corporation followed, resulting in the payment of its debts and the establishment of a successful business. But to accomplish this, various corporate transactions became necessary, which are fully detailed in the report and need not be repeated, whereby, as the master finds, Flanders and his associates ultimately acquired title " in good faith and with honest purposes and with the full approval of the plaintiffs" to a majority of the preferred stock, which gave the holder or holders control of the corporation, and these shares were subsequently purchased and have since been owned by the company. It was not until nearly seven years subsequent to the reorganization and three years after the purchase by the company, that a bill in equity was brought by two of the holders of the common stock against Bartlett, Flanders, Hopkins and the defendant Stone, who as trustee had held the shares for them and...show more

Product details

  • Paperback
  • 189 x 246 x 18mm | 585g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236814428
  • 9781236814425