Bell Rose Sanitarium, Inc. v. Metz

This is a suit by plaintiff corporation to require defendant, a promoter of the corporation, (1) to account for corporate profits retained by defendant, and (2) to require defendant to specifically perform a stock subscription agreement or, in the alternative, to cancel defendant’s stock. The trial court granted the requested relief for an accounting and ordered defendant to specifically perform his stock subscription agreement.

Plaintiff contends that the trial court erred in failing to cancel defendant’s stock. It is contended that the stock subscription agreement is invalid because it…