Ross v. American Banana Co.
Supreme Court of Alabama
Appeal from Mobile Chancery Court. Heard before Hon. Thomas H. Smith. Bill by Jack F. Ross against the American Banana Company. Fiom a judgment sustaining a demurrer to the hill, complainant appeals.
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Appeal from Mobile Chancery Court. Heard before Hon. Thomas H. Smith. Bill by Jack F. Ross against the American Banana Company. Fiom a judgment sustaining a demurrer to the hill, complainant appeals. Directors of a coporation are not necessary parties to a suit by a stockholder of a corporation to cancel stock alleged to have been illegally issued. — Wood v. Union,'22"N. W. 756; Wood v. Hoskins, 22 N. W. 759-The bill being by Boss on his own behalf and that of all other stockholders of said company, all the stockholders were parties complainant, by representation. — Bhaw r. Railroad Company,…
1Opinion of the CourtDowdell, J.
The appeal in this case is prosecuted from the decree of the chancellor sustaining a demurrer to the bill.
Where a private business corporation has failed of the purposes and objects of its creation, a single stockholder ma3r maintain a bill in equity for the dissolution of such corpoi ation and distribution of its assets among those equitably entitled thereto. Such a bill may be maintained, whether the corporation be solvent or insolvent; but under such a bill the remaining stockholders are necessaiy parties.—McKleroy v. Gadsden Improvement Co., 126 Ala. 190, 28 South. 660, and authorities…
2Cases cited6 opinions
- Montgomery Light Co. v. LaheySupreme Court of Alabama · 1898
- Noble v. Gadsden Land & Improvement Co.Supreme Court of Alabama · 1901
- Bell v. Montgomery Light Co.Supreme Court of Alabama · 1893
- Crow v. Florence Ice & Coal Co.Supreme Court of Alabama · 1904
- Johns v. McLesterSupreme Court of Alabama · 1902
1 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Belcher v. Birmingham Trust National BankDistrict Court, N.D. Alabama · 1968
- Houston Canning Co. v. Virginia Can Co.Supreme Court of Alabama · 1924
- Phinizy v. Anniston City Land Co.Supreme Court of Alabama · 1916
- Decatur Land Co. v. RobinsonSupreme Court of Alabama · 1913
- Brent v. B. E. Brister Sawmill Co.Mississippi Supreme Court · 1912
11 more not listed; retrieve them via the Exa API.