Blanchard v. Commonwealth Oil Co.

In 1940 William G. Blanchard secured an oil or mineral lease from the Trustees of the Internal Improvement Fund on 7,000 acres of off-shore lands in Dade and Monroe Counties. Litigation following this lease resulted in placing title to it in a corporation known as Florida Exploration Company. February 1, 1950, the corporation adopted by-laws providing its -management and control be vested .exclusively in a board of directors; that by reason of the settlement agreement and conveyance of the lease to the corporation, a trust was imposed on the directors to handle and conduct the affairs of the…