holding that a contract between a director and the corporation may be ratified by a majority of the shareholders after full disclosure
How later courts described this case
- holding that a contract between a director and the corporation may be ratified by a majority of the shareholders after full disclosure
Written by the judges who cited it.
The opinion
ON MOTION FOR REHEARING
On further consideration we conclude that appellant is entitled perforce Art. 5070, R.C.S. 1925, to interest at six percent per annum from June 25, 1957, the date the commission contract was terminated by appellee. Federal Life Ins. Co. of Chicago v. Kriton, 112 Tex. 532 , 249 S.W. 193 ; Trice Production Co. v. Dutton Drilling Co., Tex.Civ.App., 333 S.W.2d 607 ; Sullivan v. Brininstool, Tex.Civ.App., 358 S.W.2d 898 . The judgment below is therefore reformed so as to bear interest at six percent per annum from June 25, 1957, and in all other respects is affirmed. The costs of appeal are taxed three-fourths to appellant and one-fourth to appellee.
In all other respects appellant’s motion for rehearing is overruled.