Laybourn v. Wrape

*340Wrape, et al., stockholders of the company, brought suit to annul a contract between The Danckwardt Process Company, party of the first part, Laybourn, plaintiff in errjhv party of the second part, and Danckwardt, party of the third part, and had a decree to that effect, which we are asked to reverse.

Among the grounds on which the plaintiffs claimed the contract should be annulled were: 1. That it was authorized, if at all, at a meeting of the directors of the Process Company which all the directors, four in number, attended, of whom Laybourn and Danckwardt were two; that though Laybourn did…