Chisolm v. Carolina Agency Co.
Supreme Court of South Carolina
Before Memminger, J., Richland. October, 1909. Action by E. N. Chisholm et al. against Carolina Agency Co., W. A. Clark et al. Defendants appeal. Messrs. Shand & Shand cite: Allegation that one stockholder dominated the meeting is not szifficient: 213 U. S. 450; 196 U. S.; Doctor v. Harrington; 73 S. C. 134. No cessation of business: 43 S. W. 748; 73 S. C. 135. It is duty of board of directors to site for default of treasurer: 69 N. Y. 164; 6 La. R. 30; 30 Fed.
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Before Memminger, J., Richland. October, 1909. Action by E. N. Chisholm et al. against Carolina Agency Co., W. A. Clark et al. Defendants appeal. Messrs. Shand & Shand cite: Allegation that one stockholder dominated the meeting is not szifficient: 213 U. S. 450; 196 U. S.; Doctor v. Harrington; 73 S. C. 134. No cessation of business: 43 S. W. 748; 73 S. C. 135. It is duty of board of directors to site for default of treasurer: 69 N. Y. 164; 6 La. R. 30; 30 Fed. R. 302. Pailure to require bond of treasurer is not such negligence as entitles plaintiff to relief demanded: 3 Paige 232; 147 Pa.…
1Opinion of the Court
The opinion of the Court- was delivered by
Mr. Chief Justice Jones.
This action was brought by minority stockholders against the defendant corporation and its president and directors to wind up its affairs and distribute its assets, and for the appointment of a receiver. The directors were charged with negligence in the management of the corporate property resulting in loss to the corporation and its stockholders, and one of the purposes for which the aid of a receiver was desired was the better to ascertain and enforce the liability of the directors for their alleged mismanagement. ■
Judge…
2Cases cited8 opinions
- Stahn v. Catawba MillsSupreme Court of South Carolina · 1898
- Latimer v. Richmond, &c., R. R.Supreme Court of South Carolina · 1893
- Sigwald v. City BankSupreme Court of South Carolina · 1909
- Wenzel v. Palmetto Brewing Co.Supreme Court of South Carolina · 1896
- Matthews v. Bank of AllendaleSupreme Court of South Carolina · 1901
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3Cited by2 opinions
- Ex Parte Citizens' Exchange BankSupreme Court of South Carolina · 1927
- Chisolm v. Carolina Agency Co.Supreme Court of South Carolina · 1922