Trendley v. Illinois Traction Co.
Supreme Court of Missouri
Appeai from St. Louis City Circuit Court. — Hon. M. G. Reynolds, Judge. (1) The contract of August 16,1904, constituting, as it did, ninety per cent of the value of the assets of Electric Railway Express Company, and having been accepted as payment for that proportion of the capital stock of the company because of its exclusive feature, could not be modified by the board of directors so as to eliminate this feature.
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Appeai from St. Louis City Circuit Court. — Hon. M. G. Reynolds, Judge. (1) The contract of August 16,1904, constituting, as it did, ninety per cent of the value of the assets of Electric Railway Express Company, and having been accepted as payment for that proportion of the capital stock of the company because of its exclusive feature, could not be modified by the board of directors so as to eliminate this feature. In attempting to do so, the board of directors exceeded their power. Chicago Ry. Co. v. Allerton, 18 Wall. 233; Pressed Brick Co. v. Schoenrich, 65 Mo. App. 283; Grill v. Ballis,…
1Opinion of the CourtYalliant, C. J.
— This is a snit in equity wherein the plaintiffs are the minority stockholders and the minority directors, and the individual defendants are the majority stockholders and the majority directors of the defendant corporation the Electric Railway Express Company; the other defendants are the East St. Louis and Suburban Railway Company and the Illinois Traction Company, both of which are Illinois corporations. The object of the suit is to cancel certain contracts whereby a previous contract between the East St. Louis & Suburban Railway Company ancl another corporation called the Electric Express…
2Cited by7 opinions
- Sebree v. RosenSupreme Court of Missouri · 1964
- American Center for Education, Inc. v. CavnarCalifornia Court of Appeal · 1978
- State Ex Rel. Blackwood v. BrastWest Virginia Supreme Court · 1925
- Franks v. Receiver of Booneville Banking Co.Mississippi Supreme Court · 1947
- Thornton v. RowlettMissouri Court of Appeals · 1981
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