American Wire Nail Co. v. Gedge
Court of Appeals of Kentucky
Case 84 — PETITION EQUITY — APPEAL PROM KENTON CIRCUIT COURT. 1. The declaration of a dividend is within the discretion of the board of directors, and until thus declared its payment can not be enforced by a stockholder, even though there should bo surplus funds from which such dividend might he paid, (2 Waterman on Corporations, secs. 210, 214; Railroad Co. v. Nichols, 119 U. S., 296; Moss’ Appeal, 83 Pa.
Read the full summary
Case 84 — PETITION EQUITY — APPEAL PROM KENTON CIRCUIT COURT. 1. The declaration of a dividend is within the discretion of the board of directors, and until thus declared its payment can not be enforced by a stockholder, even though there should bo surplus funds from which such dividend might he paid, (2 Waterman on Corporations, secs. 210, 214; Railroad Co. v. Nichols, 119 U. S., 296; Moss’ Appeal, 83 Pa. St., 264; Boardman v. Railroad Co, 84 N. Y., 157; Minot v. Paine, 99 Mass, 101; Cordon, &c , v. Richmond R. Co, 78 Wa.., 501.) 2. The board of directors can only bind the company when…
1Opinion of the Court
JUDGE PRYOR
delivebed the opinion oe the coubt.
The appellee, Burton H. Gedge, was at one time the holder and owner of two hundred and seventy-five shares of stock in a corporation, known as the American Wire Nail Company. He sold this stock on the 6th of February, 1891, to W. B. Thomas, C. H. Garvey, C. P. Garvey and E. J. Buffington, and these parties sold or transferred it to Landon Thomas.
After the sale of this stock the appellee instituted this action in equity in the Kenton Circuit Court against the American Wire Nail Company, uniting with that corporation the parties to whom he sold his…
2Cited by3 opinions
- Fricke v. AngemeierIndiana Court of Appeals · 1913
- Taylor v. Axton-Fisher Tobacco Co.Court of Appeals of Kentucky (pre-1976) · 1943
- Combs v. Frick Co.Court of Appeals of Kentucky · 1915