Walbridge
New York Alaska Gold Dredging Co. v. Walbridge
Opinion
Lead Opinion
Wilbur, J.
This is an action brought by the appellee to recover from the appellant moneys loaned by him to the appellant, and also to recover compensation at the rate of $600 per month from April 1, 1922, to the 5th of January, 1928, as salary as superintendent and general manager of. the appellant. The principal question in the case is with relation to the unpaid salary. Appellant contends that in 1923 a new agreement was affected between the parties by which the salary ceased until March, 1925, when another agreement was entered into fixing the salary at $300 per month *482 with an agreement to pay $300 more if and when the appellant company was upon a dividend-paying basis.
The appellee bases his right to salary upon a resolution of the board of directors of the appellant corporation adopted on March 21, 1922, as follows: “Upon motion duly made and seconded, it was ordered to pay Lester B. Walbridge, as General Manager, a salary of $7,200 per year, said salary to be paid in installments of $600.00 per month or in such other installments as the directors may determine, said salary to accrue from April 1st, 1922, and to continue until cancelled by action of the Board of Directors.”