Wilson v. McClenny

The first question presented by this appeal is whether the agreement of November 21, 1958 was void as against public policy. This preincorporation contract between the parties was intended to serve as a stockholders’ agreement after incorporation. Such agreements are governed by the general principles of contract law. 13 Am. Jur., Corporations § 127. The signatories bound themselves “to use their influence and stock votes” to secure the election of each as a director and the election of plaintiff by the directors as president of the corporation for a five-year period at a beginning salary of…