New Jersey Equity Reports Volume 62

New Jersey Equity Reports Volume 62

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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. 1902 edition. Excerpt: ... are to be looked upon as bailees of the property. And as they are persons generally having an interest in the stock, they are not bailees who are to derive no benefit from their undertaking, and, therefore, to be held responsible for slight neglect, but they act in relation to a bailment beneficial to both parties. And the rule then is, they must answer for ordinary neglect; and 'ordinary neglect' is understood to be the omission of that care which every man of common prudence takes of his own concerns." In the course of his opinion the learned vice-chancellor says: "The persons who become directors or managers of a corporation place themselves in the situation of trustees; and the relation of trustee and cestuis r/ue trust is thereby created, for the time being, between them and the stockholders. In the language of the-charter of the present company, their duty is to manage the stock and property and conduct the affairs and concerns of the corporation, selecting one of their number for president. For the discharge of these duties they are chosen; and, by accepting the appointment, they assume a responsibility at least as extensive as that of any other description of trustees." The difliculty which the learned vice-chancellor had in coming to the conclusion which he did is expressed at the bottom of page 545 and page 546. The next case, in order of time, which I deem it worth while to note, is Spem'ng's Appeal, 21 P. F. Sm. 11, decided in 1872 by the supreme court of Pennsylvania. It arose out of the failure of a banking and insurance company, which had a capital stock and stockholders, but had also a savings bank aspect. It failed shortly after the outbreak of the Rebellion, at a time when such...
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Product details

  • Paperback | 316 pages
  • 189 x 246 x 17mm | 567g
  • United States
  • English
  • black & white illustrations
  • 1236972848
  • 9781236972842