Bennett v. St. Louis Car Roofing Co.
Missouri Court of Appeals
Appeal from the St. Louis Circuit Court, Amos M. Thayee, Judge. Directors stand' in the relation of trustees to the stockholders, and can not dispose of the trust property to promote their individual interests; hence, compensation fixed by themselves after they are elected, the office not being salaried prior to their resolution, the resolution does not amount to a contract.
Read the full summary
Appeal from the St. Louis Circuit Court, Amos M. Thayee, Judge. Directors stand' in the relation of trustees to the stockholders, and can not dispose of the trust property to promote their individual interests; hence, compensation fixed by themselves after they are elected, the office not being salaried prior to their resolution, the resolution does not amount to a contract. Dunstan v. Gas Go., 3 Bam. & Ad. 125-129 ; Holder v. JR. JR. Go., 71 Til. 106 ; GTieeney v. R. R. Go., 68111. 570. Fixing compensation of officers should be authorized by organic law or by-law, otherwise the stockholders…
1Opinion of the CourtRombauer, J.
The plaintiff’s petition states that on or about July 1, 1883, he was, by a majority vote of the board of directors of the defendant, elected to fill the position of vice-president and secretary of the defendant for the period of one year. That, on said above mentioned date by a majority vote of the board of directors of the defendant, a salary of one hundred and fifty dollars per month was voted the plaintiff for his services as aforesaid.
That the plaintiff performed all of the services incident to said office and incumbent upon him as such vice-president and secretary, for the period of one…
2Cases cited2 opinions
- Holder v. Lafayette, Bloomington & Mississippi Ry. Co.Illinois Supreme Court · 1873
- Patrick v. Boonville Gas Light Co.Missouri Court of Appeals · 1885
3Cited by15 opinions
- Taussig v. St. Louis & Kirkwood RailroadSupreme Court of Missouri · 1901
- Heit v. BixbyDistrict Court, E.D. Missouri · 1967
- In re Grubbs-Wiley Grocery Co.District Court, W.D. Missouri · 1899
- Wagner v. Edison Electric Illuminating Co.Supreme Court of Missouri · 1903
- Besch v. Western Carriage Manufacturing Co.Missouri Court of Appeals · 1889
10 more not listed; retrieve them via the Exa API.