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Reports of Cases Decided in the United States for the Fourth Circuit Volume 4

Reports of Cases Decided in the United States for the Fourth Circuit Volume 4


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1883 Excerpt: ... Opinion. not only exists on general principles of equity jurisprudence, but in regard to dividends; it exists also in Virginia by statute, it being enacted by chapter 57, 33, of the Code of Virginia, as follows: "If the board of directors shall declare a dividend of any part of the capital stock of the company, all the members of the board who shall be present, and not dissent therefrom, shall, in their individual capacity, be jointly and severally liable to the company's creditors for the amount of the capital so divided, and may be decreed against therefor on a bill in equity filed on behalf of such creditors; and, moreover, each stockholder who shall participate, etc., shall be liable, etc. As before shown, this statutory liability is, as to the remedy, cumulative, upon the liability to which equity holds trustees, and does not substitute or displace that liability. In Robinson v. Smith, 3 Paige, 322, it was held that the directors of a corporation who wilfully abuse their trust or misapply the funds of the company, by which a loss is sustained, are personally liable, as trustees, to make good that loss, and they are also liable if they suffer the corporate funds to be lost or wasted through gross negligence and inattention to the duties of their trust. In Peabody v. Flint, 6 Allen, 52, which was a suit in equity by some stockholders against directors, the court say that in the discovery of frauds, and in furnishing remedies to parties defrauded, equity cannot suffer technicalities to stand in the way, but seizes upon the substance of the case and holds all parties to their just responsibility, following trust property into the hands of remote grantees and purchasers who have taken it with notice of the trust, in order to subject it to the trust. ...


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Product Details
  • ISBN-13: 9781153981569
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 218
  • Spine Width: 12 mm
  • Width: 189 mm
  • ISBN-10: 1153981564
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 449 gr


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