Shattuck v. Oakland Smelting & Refining Co.

Citations

• 58 Cal. 550
• 1881 Cal. LEXIS 264

Syllabus

<p>Trustees—Kbaud — Public Policy—Resolution—Corporation — Evidence—Objection—Practice.—S. W. and S. being trustees of the defendant, and in conjunction with another trustee—constituting the Board —passed a resolution by which, after reciting that certain shares of stock had been conveyed for the use of the corporation, it was resolved that the construction account of said works should be charged with said stock at twenty-five dollars a share, and that the several parties who furnished the same should be credited therewith at that price, and also that there should be allowed to the several trustees respectively certain sums for services. In an action by the assignee of S. W. and S., for the several sums allowed them, this resolution was admitted in evidence on the part of the plaintiff, the defendants objecting as stated below:</p> <p>'Held, That the resolution was void and that the objection should therefore have been sustained. *</p>