Allen-Foster-Willett Co.
Massachusetts Supreme Judicial Court
Petition, filed in the Superior Court on August 30, 1916, under St. 1903, c. 437, § 51, for the dissolution of the Allen-Foster-Willett Company, a domestic.manufacturing corporation theretofore engaged in the manufacture of boots and shoes at Lynn. On the same day a decree of dissolution was entered, which contained the provisions that are stated in the opinion. In accordance with this decree receivers were appointed, who on November 21,1916, filed their first report.
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Petition, filed in the Superior Court on August 30, 1916, under St. 1903, c. 437, § 51, for the dissolution of the Allen-Foster-Willett Company, a domestic.manufacturing corporation theretofore engaged in the manufacture of boots and shoes at Lynn. On the same day a decree of dissolution was entered, which contained the provisions that are stated in the opinion. In accordance with this decree receivers were appointed, who on November 21,1916, filed their first report. The Manufacturers National Bank of Lynn, a creditor, and John H. Willett, a minority stockholder, who also had been the…
1Opinion of the CourtBraley, J.
It is undoubtedly true as contended by the intervenors that directors of a corporation act in the discharge of the duties of their office in a fiduciary capacity. A director is not permitted to serve two masters; his personal pecuniary interests in whatever form they may arise are as between himself and the company subordinate to his paramount obligations as trustee, to the faithful performance of which he is strictly accountable in a court of equity. Hayes v. Hall, 188 Mass. 510, 511. Quinn v. Burton, 195 Mass. 277, 279. American Circular Loom Co. v. Wilson, 198 Mass. 182, 206, 207. United…
2Cases cited9 opinions
- American Circular Loom Co. v. WilsonMassachusetts Supreme Judicial Court · 1908
- United Zinc Companies v. HarwoodMassachusetts Supreme Judicial Court · 1914
- Quinn v. BurtonMassachusetts Supreme Judicial Court · 1907
- Hayes v. HallMassachusetts Supreme Judicial Court · 1905
- Thornton v. Marginal Freight Railway Co.Massachusetts Supreme Judicial Court · 1877
4 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Cosmopolitan Trust Co. v. MitchellMassachusetts Supreme Judicial Court · 1922
- Reed v. A. E. Little Co.Massachusetts Supreme Judicial Court · 1926
- Albert E. Touchet, Inc. v. TouchetMassachusetts Supreme Judicial Court · 1928
- Lydia E. Pinkham Medicine Co. v. GoveMassachusetts Supreme Judicial Court · 1937
- Beaudette v. GrahamMassachusetts Supreme Judicial Court · 1929
13 more not listed; retrieve them via the Exa API.