Dousman v. Wisconsin & Lake Superior Mining & Smelting Co.
Wisconsin Supreme Court
APPEAL from the Circuit Court for Milwcmhee County. The complaint alleges, in substance, that the plaintiff is owner of seven fully paid shares of defendant’s capital stock, each representing five hundred dollars; that said stock numbered one hundred and thirty-one shares of like amount, on none of which, except plaintiff’s and one other share, had there been paid in exceeding fifty per cent.; that, at a meeting of the board of directors, it was resolved that thereafter…
Read the full summary
APPEAL from the Circuit Court for Milwcmhee County. The complaint alleges, in substance, that the plaintiff is owner of seven fully paid shares of defendant’s capital stock, each representing five hundred dollars; that said stock numbered one hundred and thirty-one shares of like amount, on none of which, except plaintiff’s and one other share, had there been paid in exceeding fifty per cent.; that, at a meeting of the board of directors, it was resolved that thereafter defendant’s capital stock should consist of one thousand shares of one hundred dollars each, and that of these, after…
1Opinion of the CourtRyan, C. J.
I. The injury which the respondent, as a shareholder of the appellant, sets up in his complaint, is one peculiar and personal to himself, not common to other shareholders, alleged to have been committed by the board of directors, as the governing body of the corporation; that is, by the corporation itself. Clearly his remedy is against the corporation. Probably he might have maintained an action at law against it. Gray v. Portland Bank, 3 Mass., 364. But the effect of such an action would be to convert part of his interest as a shareholder into a judgment for damages; in other words, to sell…
2Cases cited5 opinions
- Robinson v. SmithNew York Court of Chancery · 1831
- Gray v. President of the Portland BankMassachusetts Supreme Judicial Court · 1807
- Nazro v. Merchants' Mutual InsuranceWisconsin Supreme Court · 1861
- Putnam v. SweetWisconsin Supreme Court · 1849
- Winans v. Allemania Fire InsuranceWisconsin Supreme Court · 1875
3Cited by30 opinions
- Jones v. MorrisonSupreme Court of Minnesota · 1883
- Stokes v. . Continental Trust Co.New York Court of Appeals · 1906
- Luther v. C. J. Luther Co.Wisconsin Supreme Court · 1903
- Cook v. Berlin Woolen Mill Co.Wisconsin Supreme Court · 1877
- Borak v. J. I. Case Co.Court of Appeals for the Seventh Circuit · 1963
25 more not listed; retrieve them via the Exa API.