Kelly, Murray, Inc. v. Lansdowne Bank & Trust Co.

Opinion by

Me. Justice Sadler,

The Lansdowne Bank & Trust Company, defendant, was formed, in 1927, by the merger of separate institutions. As a result, it became the owner of two buildings, which were no longer required for its corporate purposes. Arnold was president of the company, and a member of both the board of directors and the finance committee. The former met regularly once a month, and, between times, the latter, composed of six members of the board,, convened weekly to transact any necessary business. The wisdom of disposing of both properties in so far as the record discloses, was…