Provident Trust Co. v. Geyer

Citations

• 248 Pa. 423
• 94 A. 77
• 1915 Pa. LEXIS 589

Syllabus

<p>Corporations — Officers—Stockholders—Trust and trustees — Accounts — Profits from sale of treasury stock — Equity jurisdiction.</p> <p>Where in a proceeding in equity by stockholders to require certain directors of a corporation to account for profits accruing from the sale of treasury stock it appears that the defendants took out certificates for the balance of treasury stock at par after entering into a contract for the sale of such stock at an advance, and thereafter sold same at a profit; that at the time of such purchase the shares belonged to the corporation as unissued stock, and that the other stockholders had no knowledge of the agreement of sale at the higher price, the defendants will be decreed to be trustees for the stockholders of record when the sale was made and will be required to account to such stockholders for their respective shares of the profit according to their stockholdings at the time.</p>