Decatur Land Co. v. Robinson
Supreme Court of Alabama
Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by Walter V. Bobinson, a minority stockholder, against the Decatnr Land Company and numerous majority stockholders to administer the affairs of the corporation, to dissolve same and distribute its assets. From a decree overruling demurrers to the bill, respondent appeals.
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Appeal from Morgan Chancery Court. Heard before Hon. W. H. Simpson. Bill by Walter V. Bobinson, a minority stockholder, against the Decatnr Land Company and numerous majority stockholders to administer the affairs of the corporation, to dissolve same and distribute its assets. From a decree overruling demurrers to the bill, respondent appeals. If complainant participated in the transactions urged as ground for dissolution, he cannot obtain relief. — 49 N. E. 563. Complainant cannot set up his judgment against that of the managing board of the corporation without seeking the cooperation of the…
1Opinion of the CourtAnderson, J.
— The bill in this case was not filed under section 3512 of the Code of 1907 to dissolve an insolvent corporation, or one which has suspended operations for the lack of ordinary funds, but is filed under the common law to administer the affairs of and to dissolve a corporation which has failed of the purpose for which it was organized, or which cannot continue a profitable business for the reason that it is but a question of time when the annual charges and expense will absorb the entire assets of the company, and that there is no reasonable probability of an increase of the assets or of the…
2Cases cited4 opinions
- Noble v. Gadsden Land & Improvement Co.Supreme Court of Alabama · 1901
- Ross v. American Banana Co.Supreme Court of Alabama · 1907
- Elyton Land Co. v. DowdellSupreme Court of Alabama · 1896
- Minona Portland Cement Co. v. ReeseSupreme Court of Alabama · 1910
3Cited by17 opinions
- Henry v. IdeSupreme Court of Alabama · 1922
- Fairhope Single Tax Corp. v. MelvilleSupreme Court of Alabama · 1915
- Gettinger v. HeaneySupreme Court of Alabama · 1930
- Phinizy v. Anniston City Land Co.Supreme Court of Alabama · 1916
- Altoona Warehouse Co. v. BynumSupreme Court of Alabama · 1942
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