McKean v. Biddle

Citations

• 181 Pa. 361
• 37 A. 528
• 1897 Pa. LEXIS 552

Syllabus

<p>Corporations — Dividends—Stockholders—Bights of majority — Mutual fire insurance.</p> <p>It is the inherent right of a trading corporation to divide its gains and •profits among its members.</p> <p>A corporation instituted to protect the owners of houses from loss by fire without any view of private or separate gain or interest, which has, as the result of prudent management, accumulated so large a fund as to make it safe and prudent to divide the net income from its invested funds, may make such dividend to its members;</p> <p>Unanimity in the government of a corporation is not required, unless its charter so provides. It is one of the consequences of being a stockholder or member of a corporation that the will of the majority shall govern unless the fundamental articles provide otherwise.</p> <p>A resolution adopted unanimously at a stockholders’ meeting may be revoked at a subsequent meeting by a resolution adopted not unanimously.</p>