Wagner v. Biscoe

Duckworth, Justice.

The first question which we must determine is whether or not the non-resident corporation is an indispensable party to this action brought by a minority stockholder. In Colquitt v. Howard, 11 Ga. 556 (3), this question was decided on a very similar state of facts. In holding that the corporation was an essential party, this court said: “Persons exercising the corporate powers of a corporation may, in their character as trustees, be held liable in a court of chancery, for a fraudulent breach of trust; and a stockholder, in a case where the directors collude with others who…