Hayes v. Belleair Development Co.

Appellee, Belleair Development Company, was incorporated in 1924 by Carley, Conklin, and Kelly, for the purpose of buying and selling real estate. The parties so named owned a majority of the stock, were the officers of, and'constituted the board of directors of the corporation. Rutherford P. Hayes purchased' 780 shares of stock in said corporation and in June, 1925, commenced a suit in equity against it, alleging as a postulate therefor fraud, mismanagement, and wrong doing in the management of its affairs. This suit was settled and dismissed by compromise in April, 1926. By the terms of the…