Lawrence v. Greenwich Fire Insurance
New York Court of Chancery
This was a bill filed by a stockholder against the Greenwieh Fire Insurance Company and some of its former directors. It alleged that the directors had violated their trust; that the corporation was virtually dissolved; that it had no office or place of business; and that it had no officers to attend to its concerns. The bill had been taken pro confessa against the company, upon a special service and publication of notice, in pursuance of an order of the court,
1Opinion of the Court
The Chancellor :—From the facts disclosed in the bill, answers and petition, it is evident there is no person at present authorized to take charge of and conduct the affairs, of the corporation. If those who own a majority of the stock neglect to elect directors to take charge of the property of the corporation, the minority are not to be the sufferers inconsequence of such neglect. Under these circumstances it is proper to appoint a receiver to take charge of the effects of the company, and preserve them for the benefit of the stockholders generally. The cases of Andrews v. Powis, (2 Brown’s…
2Cited by8 opinions
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- Conro v. GrayNew York Supreme Court · 1849
- Pride v. Pride Lumber Co.Supreme Judicial Court of Maine · 1912
- Slover v. Coal Creek Coal Co.Tennessee Supreme Court · 1904
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