Mickles v. Rochester City Bank
New York Court of Chancery
This was an appeal from a decretal order of the vice chancellor of the eighth circuit. In February, 1840, F. M. Haight and three other persons associated together and incorporated themselves, under the general act relative to manufacturing in-corporations, by the name of “ The Genesee Cotton Mills,” with a capital "of $50,000, divided into shares of $100 each ; and R. Haight, A. Frost and A. Wolcott were duly appointed the first trustees of the corporation.
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This was an appeal from a decretal order of the vice chancellor of the eighth circuit. In February, 1840, F. M. Haight and three other persons associated together and incorporated themselves, under the general act relative to manufacturing in-corporations, by the name of “ The Genesee Cotton Mills,” with a capital "of $50,000, divided into shares of $100 each ; and R. Haight, A. Frost and A. Wolcott were duly appointed the first trustees of the corporation. Soon after the organization of the corporation, the trustees, by a by-law, fixed the time for the annual election of trustees on the…
1Opinion of the Court
The Chancellor.
The question as to the validity of the election of Gould, Ward and Smith, as trustees, if the corporation is not actually dissolved, does not appear to be a proper subject of equitable cognizance. The legislature has provided a summary remedy, by an application to the supreme court, to set aside the election of these directors if it is illegal. (1 R. S, 603, § 5.) That court, therefore, is the proper tribunal to set aside the election if it has not been made in conformity to law. And there is no allegation in the bill that these new trustees are insolvent or irresponsible, so…
2Cited by38 opinions
- Folger v. Columbian InsuranceMassachusetts Supreme Judicial Court · 1868
- Button v. HoffmanWisconsin Supreme Court · 1884
- Briggs v. PennimanCourt for the Trial of Impeachments and Correction of Errors · 1826
- Sprowl v. LawrenceSupreme Court of Alabama · 1859
- Kincaid v. . DwinelleNew York Court of Appeals · 1875
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