Henry v. Wellington Telephone Co.

This is a derivative suit, brought against certain of the directors of the Wellington Telephone Company, in which it is alleged that (1) the said company “was required by law to carry a proper and adequate depreciation or deferred maintenance account” to provide an amount over and above the cost of maintenance “to keep the property of the public utility in a state of efficiency corresponding .to the progress of the art or industry”; (2) the monies for depreciation charges must be set aside out of the earnings and carried as a depreciation fund and such funds “may be expended in new…