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AMERICAN LIFE INSURANCE COMPANY v. POWELL

6 Div. 740.

80 So.2d 487 (1954)

AMERICAN LIFE INSURANCE COMPANY et al. v. Richard H. POWELL, Jr., Ex'r et al.

Supreme Court of Alabama.

Rehearing Denied May 19, 1955.

Attorney(s) appearing for the Case

Hugh A. Locke, Birmingham, Noble J. Russell, Decatur, Deramus, Hawkins, Fitts & Mullins, and Lange, Simpson, Robinson & Somerville, Birmingham, for appellants.

Wilkinson & Skinner, Birmingham, for appellees.

SIMPSON, Justice.

This is a bill by two minority stockholders (holders of about one-tenth of one per cent of the outstanding shares) of American Life Insurance Company and alleges a loss to the corporation of over a million dollars due to the misconduct of the management of the corporation. The action is, of course, derivative and on behalf of the corporation.

The managing officers were alleged to be defendants Wert (president and director) and Montgomery...

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