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NORTHERN LUMBER CO. v. WHITE

No. 49649.

96 N.W.2d 463 (1959)

NORTHERN LUMBER CO., Eugene K. Twining, Virginia L. Twining, and National Bank & Trust Company of South Bend, Indiana, Plaintiffs-Appellants, v. Susan S. WHITE, Leo E. Fitzgibbons, as Trustee, Agent, and Guardian for Susan S. White, George W. Thompson, George L. Avery, and Guy U. Noel, individually and as members of the Board of Directors of Northern Lumber Company, a Corporation, and as President, Vice-President and Secretary-Treasurer, respectively, of said Corporation, Defendants-Appellees. Mary White Thompson, Susan Avery White, James S. White, Intervenors.

Supreme Court of Iowa.

May 5, 1959.

Attorney(s) appearing for the Case

Bannister, Carpenter, Ahlers & Cooney, Des Moines, for appellants.

Westfall, Laird & Burington, Mason City, for Leo E. Fitzgibbons, Guardian of Susan S. White and Intervenor James S. White.

Fitzgibbons & Fitzgibbons, Estherville, for appellees Leo E. Fitzgibbons, Leo E. Fitzgibbons, Guardian of Susan S. White, George W. Thompson, George L. Avery and Guy U. Noel.

D. D. Sanderson, Estherville, Iowa, for intervenors Mary White Thompson and Susan White Avery.

HAYS, Justice.

The Northern Lumber Co., an Iowa Corporation, was organized in 1892 by James D. Spaulding and George A. Lyon. It was capitalized for $200,000 consisting of 2000 shares of $100 par value stock. Except for a few shares the stock has continuously been held by the Spaulding and Lyon families with the Spauldings holding a substantial majority. Its Board of Directors, consisting of three members, has for many years been dominated by the Spaulding interests...

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