Opinion
Decided January 17th, 1913.
Directors of Corporations; fiduciary relations; directors acting as purchase agents.
Where a director of a corporation acts as its agent in purchasing real estate, and directly or indirectly, receives a share in the commissions for such sales, he is accountable to the corporation therefor.
Decided January 17th, 1913.
Appeal from the Circuit Court of Garrett County (HENDERSON, J.).
The cause was argued before BOYD, C.J., BRISCOE, PEARCE, BURKE, PATTISON, THOMAS, URNER and STOCKBRIDGE, JJ.
Albert A. Doub and Ferdinand Williams, with whom was Gilmor S. Hamill on the brief), for the appellant.
Edwin H. Sincell and Harvey F. Smith (with whom was Frederick A. Thayer on the brief), for the appellee.
A bill was filed against a director of a corporation, alleging that while such director and acting as its agent in the purchase of certain lands, he had received a portion of the commissions from the vendor; the bill was filed to recover the commissions, and to enjoin him from transferring certain notes, etc.; on appeal from an order dismissing the bill, it was held that sufficient evidence to sustain the bill had not been adduced.