Thomas v. American Radio & Television Inc.

MiNor W. Millwee, Associate Justice.

Appellee, American Eadio & Television, Inc. is an Arkansas corporation engaged in the manufacture of radio, television and related electronic products. John D. Eeid was an employee and director of the corporation at a salary of $13,000 per year on November 20, 1950, when a resolution was passed by the Board of Directors, as follows:

“On motion made and duly seconded and unanimously carried, it was resolved that an accrual be set up on the books for John D. Eeid to set up the difference between $30,000 per year and $13,000 per year beginning November 20, 1950…