Neill v. Wells

The receivers of the Mississippi Farm Bureau Cotton Association filed their original bill in the chancery court against the officers and directors of the association, charging them with liability for the loss in the aggregate of a large sum of money wasted by the officers and directors in dealing in what is commonly known as “cotton futures,” and which course of conduct it was shown by the bill was ultra vires — was outside of and beyond the uses and purposes authorized by the charter of the cor poration. There was joined as a party to this original bill the United States Fidelity & Guaranty…