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THOMAS v. AMERICAN RADIO & TELEVISION, INC.

No. 5-1527.

312 S.W.2d 183 (1958)

B. W. THOMAS and Richard W. Hobbs, Appellants, v. AMERICAN RADIO AND TELEVISION, Inc., Appellee.

Supreme Court of Arkansas.

April 14, 1958.

Attorney(s) appearing for the Case

B. W. Thomas and Richard W. Hobbs, Hot Springs, for appellants.

Moses, McClellan & McDermott, Little Rock, for appellee.

MILLWEE, Justice.

Appellee, American Radio & Television, Inc. is an Arkansas corporation engaged in the manufacture of radio, television and related electronic products. John D. Reid was an employee and director of the corporation at a salary of $13,000 per year on November 20, 1950, when a resolution was passed by the Board of Directors as follows:

"On motion made and duly seconded and unanimously carried, it was resolved that an accrual be set up on...

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