Supreme Court of South Carolina, 1905

Brookshire v. Farmers' Alliance Exchange

Supreme Court of South Carolina · Decided December 18, 1905 · Pope, Woods

52 S.E. 867; 73 S.C. 131; 1905 S.C. LEXIS 174 (South Eastern Reporter)

Counsel

Messrs. James S. Verner and Bellinger, Townsend Haskell , for appellant. Mr. Verner cites: Members of sub-alliances are stockholders: 54 S.C. 440 . Relation between governing body and directors is that of principal and agent: 66 L.R. 265; Pom. Eq. Jur., 1090; 21 Wall ( 22 Law ed., 492 ); 39 S.C. 55 ; 60 S.C. 200; 22 Stat., 774. Controlling body has been guilty of: 1. fraudulent acts; 2, ultra vires acts; 3, negligence; 4, the capital is in danger: 66 S.C. 100 ; 60 S.C. 200; 66 S.C. 491 ; 19 Stat., 541; Stahn v. Catawba Mills , 53 S.C. Doctrine of estoppel cannot apply here: 12 S.C. 350 ; 67 S.C. 446; 35 S.C. 88 ; 29 S.C. 55 ; 19 Stat., 541; 66 S.C. 503; Code of Proc., 190, 191; 29 S.C. 491 . Messrs. Lyles McMahan and Hunt, Hunt Hunter , contra, cite: If investment in bank stock was ultra vires it had been remedied when this action was commenced: High on Rec., sec. 11.

Opinion of the Court

The opinion of the Court was delivered by

Mr. Chiee Justice Pope.

This Court is fully satisfied with the reasoning and conclusions of the Circuit Judge.

The judgment of the Circuit-Court is affirmed.

Mr. Justice Woods did not sit in this case because disqualiñed.

Case-law data current through December 31, 2025. Source: CourtListener bulk data.