Clark v. National Linseed Oil Co.
Court of Appeals for the Seventh Circuit
Appeal from the Circuit Court of the United States for the Northern Division of. the Northern District of Illinois. The bill is on behalf of appellants, owners of forty-six hundred shares of the capital stock of the appellee — the total issue being one hundred and eighty thousand shares — and all other stockholders of the appellee joining therein. No other stockholders have, however, joined. Its object is to wind up the company, and appoint a receiver.
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Appeal from the Circuit Court of the United States for the Northern Division of. the Northern District of Illinois. The bill is on behalf of appellants, owners of forty-six hundred shares of the capital stock of the appellee — the total issue being one hundred and eighty thousand shares — and all other stockholders of the appellee joining therein. No other stockholders have, however, joined. Its object is to wind up the company, and appoint a receiver. It avers, in substance, that upon the organization of the company in 1890 it became the owner of over forty linseed mills situated in various…
1Opinion of the Court
After the foregoing statement of the case, GEOSSOUP, Circuit Judge, delivered the opinion of the court, as follows:
- The' proceedings below were irregular, and possibly present no question for review. At most we can consider the appeal as upon a final hearing below upon bill, answer and affidavits; this is, properly, the effect of the waiver of the technical error embraced, in the dismissal, •
The effect of appointing a receiver over a corporation is to take the property out of the control of its officers, to whom it has been entrusted by its stockholders. Courts proceed with extreme caution…
2Cited by6 opinions
- Burnrite Coal Briquette Co. v. RiggsSupreme Court of the United States · 1927
- Adler v. SeamanCourt of Appeals for the Eighth Circuit · 1920
- Isaac v. Milton Mfg. Co.District Court, M.D. Pennsylvania · 1940
- Skirvin v. CoyleSupreme Court of Oklahoma · 1939
- Van Oss v. Premier Petroleum Co.Supreme Judicial Court of Maine · 1915
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