Liggett v. Roanoke Water Co.

[1] This is an appeal from a decree holding John E. Liggett responsible for $75,000, alleged to have been wrongfully diverted from the assets of the Roanoke Water Works Company, a corporation of which he is the president. The appellee, the Roanoke Water Company (hereinafter called the complainant), is a stockholder of the Roanoke Water Works Company, and instituted this suit under the well-established and admitted doctrine that a stockholder may maintain such a suit for a wrongful diversion of the assets of a corporation if he alleges and proves that a request or demand has been made upon the…