Decatur Mineral Land Co. v. Palm
Supreme Court of Alabama
Bill in Equity by Minority Stockholders against Corporation and Directors for Protection against Mismanagement of Corporate Affairs. Appeal from the Chancery Court of Morgan. The facts of the case are sufficiently stated in the opinion. 1. There were no such allegations in the original bill as would excuse a demand upon the corporate body to prevent the allowance by directors of the salaries mentioned. — Tuscaloosa Manfg.
Read the full summary
Bill in Equity by Minority Stockholders against Corporation and Directors for Protection against Mismanagement of Corporate Affairs. Appeal from the Chancery Court of Morgan. The facts of the case are sufficiently stated in the opinion. 1. There were no such allegations in the original bill as would excuse a demand upon the corporate body to prevent the allowance by directors of the salaries mentioned. — Tuscaloosa Manfg. Go. v. Cox, 68 Ala. 71; M. & P. Line v. Waganer, 71 Ala. 586 ; Mack v. DeBardeleben 0. & I. Go., 90 Ala. 396. 2. It was error on the part of the city court to refer to the…
1Opinion of the CourtColeman, J.
Otto Palm and others, minority stockholders in the appellant corporation, filed their hill, in which it is averred that appellants, Thomas M. Scruggs and S. M. Nelson, controlled a majority.of the stock of the corporation, and used their power in the selection of the board of directors, and dominated the management of the corporation for their personal advantage. The principal wrongs complained of consist in the election of incompetent and unfaithful persons as president and secretary, to-wit, Thos. M. Scruggs and S. M. Nelson, and the appropriation by the directors of exhorbitant and…
2Cases cited7 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Porter v. Pittsburg Bessemer Steel Co.Supreme Court of the United States · 1887
- Clark v. KnoxSupreme Court of Alabama · 1881
- Tuscaloosa Manufacturing Co. v. CoxSupreme Court of Alabama · 1880
- Merchants & Planters Line v. WaganerSupreme Court of Alabama · 1882
2 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Hempstead v. Meadville Theological SchoolSupreme Court of Pennsylvania · 1926
- Holcomb v. ForsythSupreme Court of Alabama · 1927
- Baillie v. Columbia Gold Mining Co.Oregon Supreme Court · 1917
- Coupounas v. MoradSupreme Court of Alabama · 1980
- Alabama Fidelity Mort. & Bond Co. v. DubberlySupreme Court of Alabama · 1916
35 more not listed; retrieve them via the Exa API.