Ward v. Davidson
Supreme Court of Missouri
^ross-Appeals from, St. Louis Court of Appeals. (1) Under the law and facts, the court below properly restrained the defendant corporation from trading-in boat stores with outsiders and from purchasing and selling grain. These transactions were and are beyond the power of the corporation; they are not authorized by the express terms of the charter, and they were not necessary for the legitimate business of the corporation.
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^ross-Appeals from, St. Louis Court of Appeals. (1) Under the law and facts, the court below properly restrained the defendant corporation from trading-in boat stores with outsiders and from purchasing and selling grain. These transactions were and are beyond the power of the corporation; they are not authorized by the express terms of the charter, and they were not necessary for the legitimate business of the corporation. Even if they had been expedient, and made ■ with pure ■ motives, they would have been none the less illegitimate. Authorities in support of this proposition are abundant.…
1Opinion of the CourtBlack, J.
The plaintiffs, who are a minority of the -stockholders of the KeoEuk’Northern Line PackefCoinpany, bring this suit against five out . of the nine directors, and~against Peyton S. -Davidson, who was the superiñteñdent of the company, and also make the corporation. a defendant for the reason, as alleged, that it is in the control of the other defendants. The petition in'its general scope charges the defendants with having engaged the corporation in ventures foreign to its corporate powers, and alleges that they have abused their trusts as officers, and have used the money, property and, credit…
2Cases cited2 opinions
- Wardell v. Railroad Co.Supreme Court of the United States · 1881
- Jones v. MorrisonSupreme Court of Minnesota · 1883
3Cited by40 opinions
- Wickersham v. CrittendenCalifornia Supreme Court · 1892
- Childs v. Kansas City, St. Joseph & Council Bluffs RailroadSupreme Court of Missouri · 1893
- Zakibe v. Ahrens & McCarron, Inc.Missouri Court of Appeals · 2000
- McCourt v. Singers-BiggerCourt of Appeals for the Eighth Circuit · 1906
- Backus v. FinkelsteinDistrict Court, D. Minnesota · 1927
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