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: ... ions, and their not prevailing indicates some form of weakness in their position, the result depending upon a trial of strength. A share in the control is legally secured to all, although it may prove to be incapable of affecting the final act. Undoubtedly there is a strong element of trust in ...
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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: ... ions, and their not prevailing indicates some form of weakness in their position, the result depending upon a trial of strength. A share in the control is legally secured to all, although it may prove to be incapable of affecting the final act. Undoubtedly there is a strong element of trust in representative action. The interest of all the associates is a determining factor in controlling those who act as representatives. This is especially clear in the case of delegated representation, and boards of directors and other officers are generally considered and treated as trustees for the corporators. But it also applies to the quorum and the majority, for the security of the joint interests is the justification and therefore also the limitation of their power to represent. Should a majority act for their own benefit clearly adversely to the interests of the association, the minority would not be bound thereby. The difficulty in such cases lies not in the principle, but in the proof of its violation.1 There are, however, other elements in which the idea of a trust does not appear to be controlling. The quorum and the majority pursue interests which they feel to be their own, and they are justified in following their own discretion in judging what the common benefit requires, although the result will be the preferment of their own advantage over that of the minority. Acting in the exercise of their own rights, they are not accountable to those whom they bind by their action, though it may result in loss which might have been avoided by greater care and prudence. Above all while a trust is committed to a definite person or persons, the functions of representatives and represented in the majority rule are fluctuating and indeterminate, so that...
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