Holder v. Lafayette, Bloomington & Mississippi Ry. Co.

Citations

• 71 Ill. 106

Syllabus

<p>1. Corporation—right of officers to compensation. Where a director of a railway company is appointed treasurer, and no provision at the time is made for liis compensation, lie will have no right to claim pay for the same, and the subsequent allowance of a claim in his favor will not entitle him to recover.</p> <p>2. Same—directors are trustees of funds for stockholders. The directors of a railway company, in respect to the corporate funds, are trustees, and have no right to use or appropriate the funds of their cestuis que trust to themselves. They have no power to waste, destroy, give away or misapply them.</p> <p>3. Where a person, not connected with the management and disposal of the corporate property, performs services for the corporation, or where the directors are employed to perform duties disconnected with their office, compensation for the services may be allowed or recovered.</p>