Milligan v. G. D. Milligan Grocer Co.
Missouri Court of Appeals
Appeal from Greene Circuit Court. — Hon. Orin Patterson, Judge. (1) A dividend can be declared only by the board of directors when acting together in a legally assembled meeting, and hence, no one other than the board of directors acting in a subsequent legally assembled meeting can ratify a defectively declared dividend.
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Appeal from Greene Circuit Court. — Hon. Orin Patterson, Judge. (1) A dividend can be declared only by the board of directors when acting together in a legally assembled meeting, and hence, no one other than the board of directors acting in a subsequent legally assembled meeting can ratify a defectively declared dividend. Sec. 3348’, R. S. 1909; Sec. 6, By-Laws of Defendant; Secs. 516 and '523, Clark & Marshall Corporations; Thompson on Corporations (2 Ed.), sec. 5285; Cook on Corporations (7 Ed.), sec. 545; Grant v. Ross, 37 S. W. 263; King' v. Railroad, 29 N. J. Laws 88; Cuppy v. Ward, 176…
1Opinion of the CourtCox, P. J.
Action by Nolle C. Milligan, executrix of the last will and testament of Alva D. Milligan, deceased, -against G. D. Milligan Grocer Company, a corporation, to recover $5950 and interest as dividend on 238 shares of capital stock in the corporation. The petition alleges that deceased, Alva D. Milligan, was the owner of 238 shares of stock of the defendant at the time of his death on or about January 4,-1919. That on or about April 20, 1918, the board of directors of defendant declared a dividend of $25 on eaph share of stock which amounted to $5950 on the 238 shares held by Alva D. Milligan at…
2Cases cited16 opinions
- Chouteau v. AllenSupreme Court of Missouri · 1879
- Elsea v. SmithSupreme Court of Missouri · 1918
- First National Bank v. FrickeSupreme Court of Missouri · 1881
- Kitchen v. St. Louis, Kansas City & Northern Railway Co.Supreme Court of Missouri · 1878
- Calumet Paper Co. v. Haskell Show Printing Co.Supreme Court of Missouri · 1898
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- Brown v. Luce Manufacturing Co.Missouri Court of Appeals · 1936
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