In Re Cameron’s Coalbrook and Co Railway Company, Ex Parte Bennett: 16 Mar 1854

Directors of a public companY are trustees for the shareholders, and their private interests must yield to their public duty whenever they are conflicting.
Directors permitted a class of dissentient shareholders in an embarrassed company to tranefer their shares to the company, under a power in the deed, upon payment of a sum of money, which it was arranged should be paid to one of the directors in discharge of a debt due from the Company. Held, that the transaction was void, and, on winding up the company, that the dissentients still remained shareholders.


[1854] EngR 356, (1854) 18 Beav 339, (1854) 52 ER 134




England and Wales


Updated: 22 May 2022; Ref: scu.293213