Columbia Conserve Co. v. Watson

The appellant Columbia Conserve Company, Inc. is an Indiana corporation engaged in the canning business. In 1917 the salaried employees of the company formed an organization which they called a “council.” The members of the council, including the appellee, the company, and a majority of its common stockholders entered into a written agreement in 1925 which, as amended in 1926, was as follows:

“Beginning in 1925, the net profits of the Company shall belong to the salaried employees after -cumulative dividends at the rate of 10% per annum have been paid on the common stock of said Com pany, and…