Daly v. Opelousas Ins. Agency, Inc.

HIGGINS, Justice.

This is an action by two of the minority stockholders, who seek to have the court appoint a receiver of the corporation because of alleged ultra vires acts on the part of the officers of the corporation.

E. B. Proctor, as special manager of the Cotton Insurance Association, intervened as a creditor of the corporation and joined the plaintiffs in asking for a receivership on practically the same grounds.

The corporation filed an answer, admitting the facts alleged in the petition, and annexed to the answer a resolution of the board of directors, who, in substance, repudiated…