The Revised Reports; Being a Republication of Such Cases in the English Courts of Common Law and Equity

The Revised Reports; Being a Republication of Such Cases in the English Courts of Common Law and Equity : From the Year 1785, as Are Still of Practical Utility Volume 116

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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. 1857 edition. Excerpt: ...part of the said sum of 625,000 francs, under the pretext that the Company has recovered or may recover any sum whatever on account of their claim against Sir William Magnay." After this sale, the bill was amended on the 19th of June, 1857, as to the matters before referred to. Mr. Follett and Mr. Giflard for the plaintiffs. Mr. R. Palmer and Mr. Hardy for the defendants. Tm.-2 MASTER or THE RoLLs: I am of opinion that the plaintiffs are not entitled to any relief in this case, and solely by reason of the contract entered into in the progress of the suit with Mr. Grangier. I have, upon various occasions, stated, what I consider to be the duties and functions of a director of a Joint-stock Company. He is, in point of fact, not merely a director, but he also fills the character of a trustee for the shareholders, and he is, in regard to all matters entered into on their behalf, to be treated as an agent; therefore there attach to a director, for the benefit of the shareholders, all the liabilities and duties which attach to a trustee and agent. Accordingly, if a director enters into a contract for the Company, he cannot personally derive any benefit from it. I will presently point out what I mean by the word " benefit," and this the rather, because it has been argued before me, that the only way of depriving the defendant of any benefit, in the sense in which the Court uses that word or term, would be simply to make him account for 25,0001. or for 5,000 shares. But it is suflicient here to state, that all benefit arising from such a transaction must belong to the shareholders. I accordingly held, in the case of The Midland Railway Co-mpany_ v. Hudson (1), that the defendant, as director and trustee, was bound to give to more

Product details

  • Paperback | 474 pages
  • 189 x 246 x 24mm | 839g
  • United States
  • English
  • black & white illustrations
  • 1236924541
  • 9781236924544