secret profit

secret profit
A profit or advantage obtained by a promoter, director, or officer of a corporation by reason of his official position without bringing the transaction to the attention of the stockholders. 18 Am J2d Corp §§ 111-117; 19 Am J2d Corp § 1281. A profit is not secret or unlawful if all the parties having a direct interest know of it and assent to it, or do not repudiate it. Hays v The Georgian, 280 Mass 10, 181 NE 765, 85 ALR 1251.

Ballentine's law dictionary. . 1998.

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