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eBook details

• Title: Cron v. Tanner
• Author : Supreme Court of Kansas
• Release Date : January 07, 1951
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 52 KB

Description

The opinion of the court was delivered by Appellee, owner of 43 1/2% of the common capital stock of
defendant bank, brought this action in mandamus against the
officers and directors thereof to compel them (1) to retire
$10,000 of the outstanding preferred stock in said bank; (2) to
vote to pay a dividend of not less than 15% on all outstanding
common stock; and (3) to compel defendant president and manager
of said bank to pay to the bank $1,200 received by him as
dividends on preferred stock owned by him, and $4,500 paid him as
salary alleged to have been excessive in amount. This appeal is
from the order of the court overruling defendant's demurrers to
plaintiff's amended petition. The general allegations of plaintiff's amended petition
applicable to his three separate causes of action may be stated
thusly: that he is the owner of 43 1/2% of the outstanding capital
stock of the Walnut Valley State Bank of El Dorado, Kansas; that
defendant J. Earl Tanner is the duly elected president of said
bank and defendants C.N. McCarter, C.C. Zimmerman and M.A. Tanner
are duly elected directors; that defendant J. Earl Tanner is the
owner of and controls more than 51% of the outstanding common
stock of said bank and has so controlled the same since April 16,
1941; that J. Earl Tanner has been a director of the bank since
its organization May 16, 1923, and has been president since April
16, 1941; that since the latter date defendant J. Earl Tanner has
personally elected or caused to be elected by reason of his
ownership and control of more than 51 per cent of the common
stock of the bank, all the officers and a majority of each
succeeding board of directors of the bank; that defendant J. Earl
Tanner is and was at all times pertinent hereto in the sole and
exclusive control of the affairs of the said bank, its
management, policies and actions, and by reason thereof controls
the passage or failure to pass any and all motions, resolutions
and actions of the board of directors and stockholders of the
bank in all meetings, regular or special, held by the directors
or stockholders.

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