Pneumatic Gas Co. v. Berry
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High Quality Content by WIKIPEDIA articles! Pneumatic Gas Co. v. Berry, 113 U.S. 322 (1885), was a case regarding a decree whereby a director of a corporation can be released by that corporation of all claims, equitable or otherwise, arising out of transactions under a contract between the corporation and the director made in excess of its corporate powers is valid, if made in good faith and without fraud or concealment. In 1869 several individuals interested in a patent for the manufacture of illuminating gas, and gas machines known as "Rand's Patent," for the States of Michigan, Wisconsin,…mehr

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High Quality Content by WIKIPEDIA articles! Pneumatic Gas Co. v. Berry, 113 U.S. 322 (1885), was a case regarding a decree whereby a director of a corporation can be released by that corporation of all claims, equitable or otherwise, arising out of transactions under a contract between the corporation and the director made in excess of its corporate powers is valid, if made in good faith and without fraud or concealment. In 1869 several individuals interested in a patent for the manufacture of illuminating gas, and gas machines known as "Rand's Patent," for the States of Michigan, Wisconsin, Illinois, and Iowa, agreed to unite their interests, obtain an act of incorporation from the Legislature of Illinois, and do business in Chicago. They applied to the legislature of the state, and on the 24th of March following obtained an act duly incorporating them and their associates and successors under the name of the Illinois Pneumatic Gas Company.