https://www.taxtmi.com/caselaws?id=197829 A company resolution confirming commission under a managing agency agreement was upheld as intra vires because the agreement, properly construed, allowed commission on annual profits after deduction only of actual working expenses; the clarification and ratification were not treated as fraudulent, oppressive, or unsupported by consideration. A shareholder lacking membership at the time of the impugned resolution could still sue representatively and derivatively where the complaint concerned ultra vires conduct or fraud on the minority, though not for personal pre-membership rights. The claim for rendition of accounts was held time-barred, as the agency had terminated in 1949 and the suit was brought only in 1955. en-us Tue, 02 Mar 1971 00:00:00 +0530 Tue, 16 Jan 2018 18:11:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197829 A company resolution confirming commission under a managing agency agreement was upheld as intra vires because the agreement, properly construed, allowed commission on annual profits after deduction only of actual working expenses; the clarification and ratification were not treated as fraudulent, oppressive, or unsupported by consideration. A shareholder lacking membership at the time of the impugned resolution could still sue representatively and derivatively where the complaint concerned ultra vires conduct or fraud on the minority, though not for personal pre-membership rights. The claim for rendition of accounts was held time-barred, as the agency had terminated in 1949 and the suit was brought only in 1955. Case-Laws Companies Law Tue, 02 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197829