Beck v. Fishel

Citations

• 26 Ohio C.C. Dec. 616
• 16 Ohio C.C. (n.s.) 130
• 1909 Ohio Misc. LEXIS 357

Syllabus

<p>CORPORATIONS.</p> <p>Officer Ceiling Property of Corporation at Secret Profit Required to Account for Same to Stockholders.</p> <p>The president and general manager of a corporation induced all the stockholders to agree to a sale of all the corporation assets at a, price which would net them 200 per cent, on their investment: when stating the proposition to them he also stated that he expected to make a good thing for himself over and above what the others made; it afterwards turned out that he received 1450 per cent, for his holdings and a contract on his part not to engage in the business for a term of years. Held: That his disclosure was not full enough to protect him in actions thereafter brought by one of the stockholders for an accounting, after discovery of the real price received for the property.</p> <p>[Syllabus by the court.]</p>