Gramophone and Typewriter Ltd v Stanley [1908] 2 KB 89 CA

In this case Buckley LJ stated that: "The directors are not servants to obey directions given by the shareholders as individuals: they are agents appointed by and bound to serve the shareholders as their principals. They are persons who may by the regulations be entrusted with the control of the business, and if so entrusted they can be dispossessed from that control only by the statutory majority which can alter the articles."

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