New Jersey Court of Chancery October 31, 1903 (Lillard v. Oil, Paint & Drug Co.)

Emery, Y. C.

This is a stockholders’ bill filed against three corporations and their several directors (other than one of the complainants), bringing in question the general management of the corporations by the defendant directors, and two specific acts—the reservation o.f working capital and the payment -of excessive salaries to one of the defendants—are attacked as illegal and fraudulent.