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Corporations Keyed to Hazen
Charleston Boot & Shoe Co. v. Dunsmore
Citation:
60 N.H. 85 (1880)Facts
The plaintiffs are a manufacturing corporation having for its object a dividend of profits, and commenced business in 1871. Dunsmore was elected director in 1871 and Willard in 1873, and entered upon the discharge of their duties, and have continued to act by virtue of successive elections until the present time. December 10, 1874, the shareholders voted to choose a committee to act with the directors to close up its affairs and chose Osgood for such committee. Osgood tendered his services, but the defendants refused to act with him and contracted new debts to a larger extent than allowed by law. By their negligence, debts due to the corporation to the amount of $2,161.23 have been wholly lost. A loss accrued of $3,300.40. By their neglect to sell the buildings and machinery of the corporation when they might and ought, and were urged by Osgood to sell, the same depreciated in value to the extent of $20,000.
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Topic Resources
2m 27sTopic Outline 