The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-09-07
for them, and very properly az the,

{ WlIiSii Viz RV''E" H"o N"oeS1SN
and to which the stockholders wcr
committed. 1t was simply an elfor
to carry out the object had in viqe
when the Company was ofaghized
| for which the onc-fourth portion 0
| the income received FROM the sale o
lots was set apart, which was provid
cd in the charter aud nominated il
the bond. | fnl that the stock
and bonds held and owned BIZ lie
| PENDANT. issued by other corporation,
| were purchased md secured WITH The
e-fourth part SO received, and no!
with trust funds to which the bond
holders were entitled. The director,
Of the defendant seemed to have adj
viscd fully with its stockholders, and
to have consulted with it's bondhold
ers,-morc so than is usually DONE
and as the evidence discloses they
were always governed by the advise
received. 1t is true that a number
Of the enterprises that were assisted
with the funds of the Company have
not as yet developed into remuncra-
tive investments by demonstrating
their notwithstanding capacities,
and still the evidence shows that the
officers honestly cndeavored in these
instances to enhance the interest of
the Company, and that in their ef
forts they had the approval Of the
stockholders ard the Communications
of the present complainants.
1t is clearly shown that complain
ants were not only aware Of the
proceedings had at the meetings Of
the stockholders and directors when
the expenditures now complained Of
were authorized, but that they gave
them cordial. VIII they now be
permitted in Court Of Equity to
complain of these things which they
did; to charge others with wrong do
ing, when those others have simply
done that which they were directed
by complainants to do?
Stockholders Of corporal IONS HAT
has been managed without fraud Will
not be permitted, after they for reas
ons Of their own have become dissat-
isfcd with the plan Of organization
or the management thereof, TO force
the abandonment Of the business and
compel the majority of the share
holders to submit to the will of the
minority, by the decree of a Court of
Equity If they had this power it
would frequently be exercised to the
dctriment Of the corporation, the
very existence of which might be
thus destroyed, or the value Of its
stock seriously impaired. Rival
companies might make it to the III
tcrcst of this minority 50 to act, on
the stock of corporation might be
with such object in view,
and the result would be that the Sc
curity relied upon by those investing
in corporate property would be
seriously impaired. The charters
under which corporations are organ
lied and the laws by virtue OF which
they arc created, provide the way in
which they shall. be managed, as
we'll as the mode of voting the stock
and the manner of eleeting the Off
GERS thereof, and if the provisions
have been fairly complied with there
is no ground for the interference of a
Court Of Equity on the complaint OF
!, dissatisfied minority shareholder.
If he disapproves of the management
that has been conducted without
fraud and under the requirements OF
the law, his only remedy is TO elect
new officers in favor of another pol
lev by appealing to the stockholders
or failing in that to sell his stock and
retire. Certainly the equity Courts
nf the country will not undertake to
manage it for him, nor viii they
under such circumstances take JnrlS-
aiction for the purpose of closing up
the affairs Of the corporation. SNeh
power is never exercised in the alb
,cence of u statute giving the urls
diction, and find no such enactment
annlicable in this case. In the alb
sccncc of such legislation the business
matter Of a corporation can only be
controlled, or its charter privileges