Wheeler Beers v. Bridgeport Spring Co.
Supreme Court of Connecticut
Bill in equity to compel the respondents, a joint stock corporation, to pay over certain dividends claimed to have been declared by the directors; brought to the Superior Court in Fairfield County. The following facts were found by the court.
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Bill in equity to compel the respondents, a joint stock corporation, to pay over certain dividends claimed to have been declared by the directors; brought to the Superior Court in Fairfield County. The following facts were found by the court. On the 29th day of March, 1864, the Bridgeport Spring Company was organized as a joint stock company, with a capital stock of $20,000, which it increased in the manner required by law in November following to the sum of $30,000. The company went on in the business for which it was organized, making earnings and paying dividends as hereinafter stated. At…
1Opinion of the CourtPabdee, J.
When the defendant corporation, by the legal votes of its directors, declared the. dividends in question from profits theretofore earned and received, made the same payable without interest at such time as might be directed by the board, and ordered the' amount to be placed pro rata to the credit of the stockholders upon its books, the share of each stockholder in the several amounts was thereby severed from the common funds of the corporation and became his individual property. Thenceforth the company owed him a debt, *25payment of which at a proper time he might demand, and upon refusal,…
2Cases cited2 opinions
- Scott v. Eagle Fire Co.New York Court of Chancery · 1838
- Boland v. Connecticut Co.Supreme Court of Connecticut · 1910
3Cited by18 opinions
- Baillie v. Columbia Gold Mining Co.Oregon Supreme Court · 1917
- Staats v. Biograph Co.Court of Appeals for the Second Circuit · 1916
- McLaran v. Crescent Planing Mill Co.Missouri Court of Appeals · 1906
- Richter & Co. v. LightSupreme Court of Connecticut · 1922
- Hiscock v. LacyNew York Supreme Court · 1894
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