Hechelman v. Geyer

Citations

• 248 Pa. 430
• 94 A. 188
• 1915 Pa. LEXIS 590

Syllabus

<p>Corporations — Officers—Stoclcholders—Trust ■and trustees — Accounts — Profits from sale of treasury stoch — Equity jurisdiction.</p> <p>1. The directors of a corporation are trustees or quasi trustees of its capital and assets and as such are liable for any breach of duty with regard thereto.</p> <p>2. A director of a corporation occupies such a fiduciary relation to it that he cannot retain secret profits received in the management of its affairs but must account for such profits, derived from its management, which otherwise would have accrued to the corporation; and the directors of a corporation are under an inherent obligation not'to use their position to advantage their individual interests as distinguished from those which they represent in a fidicuary capacity.</p>