Memphis City v. Dean
Supreme Court of the United States
Appeal from the Circuit Court for the Western District of Tennessee, the case being thus: In 1849 the State of Tennessee incorporated a company called the Memphis Gaslight Company.
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Appeal from the Circuit Court for the Western District of Tennessee, the case being thus: In 1849 the State of Tennessee incorporated a company called the Memphis Gaslight Company. The charter provided as follows: Sec. 8. It shall be the duty of said company to establish, within three years from the 1st of January, 1850, a gas manufactory within the city of Memphis, of Sufficient capacity, to supply its corporate authorities and inhabitants with such public and private gaslights as may be required. Sec. 4. To enable said company to establish said works, they are hereby authorized and…
1Opinion of the CourtJustice Nelson
The judgment of the court in the case of Dodge v. Woolsey, * authorizes the stockholder of a company to institute a suit in equity in his own name against a wrong-doer, whose acts operate to the prejudice of the interests of the stockholders, such as diminishing their dividends and lessening the value of their stock, in a case where application has-first been made to the directors of the company to instituté the suit in its own name, and they have refused. This refusal of the board of directors is essential in order to give to the stockholder any standing in court, as the charter confers upon…
2Cited by29 opinions
- Doctor v. HarringtonSupreme Court of the United States · 1905
- Booth v. RobinsonCourt of Appeals of Maryland · 1881
- Waller v. WallerCourt of Appeals of Maryland · 1946
- Ex Parte DunlapSupreme Court of Alabama · 1923
- Adams v. Mercantile Trust Co.Court of Appeals for the Fifth Circuit · 1895
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