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Corporations - Injunctive Relief Against Corporate Action Which Requires Unanimous Approval
Corporations - Injunctive Relief Against Corporate Action Which Requires Unanimous Approval
Michigan Law Review
A bill for an injunction to prevent the submission, at a stockholders' meeting, of a corporate by-law providing for extra dividends on stock owned by officers and employees, was maintained, on the ground that the proposed move was illegal and unauthorized by statute. Scott v. P. Lorillard Co. (N. J. Eq. 1931) 154 Atl. 515.
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Michigan Law Review
An action was brought by preferred stockholders, during voluntary liquidation of a corporation, for payment of dividends, alleged to be cumulative, which had been passed on account of deficits during the two preceding years. The statutory provision giving the power to issue stock required the articles of incorporation to indicate, when any of the stock was preferred, whether or not the dividends should be cumulative. The articles stipulated that the preferred stock should be entitled to a six per cent dividend out of the net yearly income before any dividend should be paid on the common stock. A by-law, adopted …