People's Trust Co. v. O'Meara

There is no attempt here to combine the rights of the cestui que trust with those of the corporation, nor to enforce the trust contained in the O’Meara will in an action brought to enforce the rights of the corporation. The form of the action is quite plain; it is to recover from the defendant directors sums illegally voted and paid to themselves as salaries, and so still belonging to the corporation and recoverable by it; and the prayer of the complaint, among other things, asks for the distribution of these illegal salaries as dividends to the stockholders. (See Civ. Prac. Act, § 258, subd.…