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Business Associations Keyed to Bainbridge
McQuade v. Stoneham
Citation:189 N.E. 234 (1934)
Defendant Stoneham became the owner of 1,306 shares, or a majority of the stock of National Exhibition Company. Plaintiff and defendant McGraw each purchased 70 shares of his stock. Plaintiff paid Stoneham $50,338.10 for the stock he purchased. As a part of the transaction, the agreement in question was entered into. In pursuance of this contract Stoneham became president and McGraw vice president of the corporation. McQuade became treasurer. In June, 1925, his salary was increased to $10,000 a year. He continued to act until May 1928 when Leo J. Bondy was elected to succeed him. At the meeting, Stoneham and McGraw refrained from voting, McQuade voted for himself, and the other four voted for Bondy. The cauase for dropping McQuade was due to the falling out of friends. McQuade and Stoneham had disagreed.
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