North American Land & Timber Co. v. Watkins
Court of Appeals for the Fifth Circuit
Appeal from the Circiiit Court of the United States for the Western'District of Louisiana. This is an appeal from an" interlocutory order, rendered ex parte and without notice, appointing a receiver of all the property of the appellant corporation situated in the state of Louisiana. It is alleged in the bill that the appellant is an English corporation, chartered with power to buy and sell lands in the United States, and with other powers not material to mention.
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Appeal from the Circiiit Court of the United States for the Western'District of Louisiana. This is an appeal from an" interlocutory order, rendered ex parte and without notice, appointing a receiver of all the property of the appellant corporation situated in the state of Louisiana. It is alleged in the bill that the appellant is an English corporation, chartered with power to buy and sell lands in the United States, and with other powers not material to mention. The capital stock of the corporation is about $630,000, of which the complainant holds $178,000. The property of the corporation…
1Opinion of the CourtShelby, Circuit Judge
It is a general rule that courts of equity will not interfere in questions of corporate management or policy. They are reluctant to undertake the management of private corporations, and, in the absence of fraud, usurpation, or gross negligence and mismanagement equivalent to fraud, they generally refuse to interfere, and allow the majority of the stockholders to rule, leaving dissatisfied stockholders to redress their grievances by ordinary corporate methods. The complainant in this case is a minority stockholder. He seeks to devest the directors, representing a majority of the stockholders,…
2Cases cited5 opinions
- Southern Pine Co. v. HallCourt of Appeals for the Fifth Circuit · 1900
- United Electric Securities Co. v. Louisiana Electric Light Co.U.S. Circuit Court for the District of Eastern Louisiana · 1895
- Snoddy v. BrashearSupreme Court of Louisiana · 1848
- State ex rel. Thornton-Thomas Mercantile Co. v. Second Judicial District CourtMontana Supreme Court · 1897
- Little Warrior Coal Co. v. HooperSupreme Court of Alabama · 1894
3Cited by18 opinions
- Burnrite Coal Briquette Co. v. RiggsSupreme Court of the United States · 1927
- Henderson v. ReynoldsIndiana Supreme Court · 1907
- Smith v. StoneWyoming Supreme Court · 1912
- Joseph Dry Goods Co. v. HechtCourt of Appeals for the Fifth Circuit · 1903
- Mueller v. ZimmerWyoming Supreme Court · 2005
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