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Business Organizations Keyed to Macey
McQuade v. Stoneham
Citation:189 N.E. 234 (1934)
Defendant Stoneham became the owner of 1,306 shares of National Exhibition Company. Plaintiff and defendant McGraw each purchased 70 shares of his stock. In pursuance to the contract, Stoneham became president and McGraw vice president of the corporation. McQuade became treasurer. At the meeting of May 2, 1928, Stoneham and McGraw refrained from voting, McQuade voted for himself, and the other four voted for Leo J. Bondy. Defendants did not keep their agreement with McQuade to use their best efforts to continue him as treasurer. He was dropped as a director although they might have elected him.
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