Lanterna Rally

Author: Charles Fisk Beach

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 360

ISBN-13: 9781230187761

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ... Justice Davies, after referring to the rule by which the relations of trustees, agents, executors, etc., to the estates which they control are governed, as illustrated in the leading case of Michoud v. Girod, said: "It is thus seen that the rule by which agents or trustees are prohibited and rendered incapable of purchasing or dealing with the property of their cesluia que trust, is one of universal application, justified by a current of strong and high authorities, and is adhered to with stern and inflexible integrity."1 To these words he added: "Nay, the rule, as applicable to managers of corporations, should in no particular be relaxed. Those who assume the position of directors and trustees assume also the obligations which the law imposes on such a relation. The stockholders confide to their integrity, to their faithfulness, and to their watchfulness, the protection of their interests. This duty they have assumed, this the law imposes on them, and this those for whom they act have a right to expect. The principals are not present to watch over their own interests, they cannot speak in their own behalf, they must trust to the fidelity of their agents. If they discharge these important duties and trusts faithfully, the law interposes its shield for their protection and defense. If they depart from the line of their duty, and waste, or take themselves, instead of protecting, the property and interests confided to them, the law, on the application of those thus wronged or despoiled, promptly steps in to apply the corrective and restores to the injured what has been lost by the unfaithfulness of the agent. This right of the cestui que trust to have the sale vacated and set aside, where his trustee is the purchaser, is not...