Macon, D. & S. R. Co. v. Shailer
Court of Appeals for the Fifth Circuit
Appeal from the Circuit Court of the United States for the Western Division of the Southern District of Georgia. The bill in this case was filed November 26, 1904, by Robert A. Shailer, a citizen of Massachusetts, as a minority stockholder of the Illinois & Georgia Improvement Company, on behalf of himself and other stockholders similarly situated, etc., to set aside'a sale of the stocks and bonds of the Macon, Dublin & Savannah Railroad Company, incorporated under the laws…
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Appeal from the Circuit Court of the United States for the Western Division of the Southern District of Georgia. The bill in this case was filed November 26, 1904, by Robert A. Shailer, a citizen of Massachusetts, as a minority stockholder of the Illinois & Georgia Improvement Company, on behalf of himself and other stockholders similarly situated, etc., to set aside'a sale of the stocks and bonds of the Macon, Dublin & Savannah Railroad Company, incorporated under the laws of Georgia, made by said Improvement company to the Atlantic Coast Line Company, a corporation of the state of…
1Opinion of the Court
After stating the facts above, the opinion of the court was delivered by PARDEE, Circuit Judge.
The bill in this case is brought by a stockholder of an incorporated company in his own name, to prosecute and vindicate the rights of the corporation, and, of course, the ninety-fourth equity rule must be complied with or a case made showing such compliance unnecessary. The pledge to the savings bank and the subsequent sale complained of were within the chartered powers of the improvement company— in no sense ultra vires. The bill charges that the president of the improvement company, without any…
2Cases cited6 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Dodge v. WoolseySupreme Court of the United States · 1856
- Corbus v. Alaska Treadwell Gold Mining Co.Supreme Court of the United States · 1903
- North American Land & Timber Co. v. WatkinsCourt of Appeals for the Fifth Circuit · 1901
- Metcalf v. American School Furniture Co.U.S. Circuit Court for the District of Western New York · 1903
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3Cited by4 opinions
- Watts v. VanderbiltCourt of Appeals for the Second Circuit · 1930
- Gage v. Riverside Trust Co.U.S. Circuit Court for the District of Southern California · 1906
- Elder v. Western Mining Co.Court of Appeals for the Eighth Circuit · 1916
- Holmes County v. Burton Const. Co.Court of Appeals for the Fifth Circuit · 1921