CORPORATIONS -AMENDMENT OF CHARTER - POWER OF LEGISLATURE TO AUTHORIZE

Authors

Michigan Law Review, University of Michigan Law School

Abstract

Remington Rand, Inc., by amendments to its charter authorized by laws passed subsequent to its incorporation, reclassified its stock so as to extinguish $26.25 dividends cumulated on the first preferred stock. The complainant was owner of some of the first preferred stock. He filed a bill in equity to invalidate the reclassification, to compel restoration of the original capital structure, and to compel the payment of the cumulated dividend so extinguished. Held, complainant cannot succeed as to his demand for invalidation of reclassification and restoration of the capital structure because of laches. He cannot force the payment of dividends because he acquiesced by trading in his old stock for some of the new. Trounstine v. Remington Rand, Inc., (Del. Ch. 1937) 194 A. 95.

Recommended Citation

Michigan Law Review, CORPORATIONS -AMENDMENT OF CHARTER - POWER OF LEGISLATURE TO AUTHORIZE, 36 Mich. L. Rev. 662 (1938).
Available at: https://repository.law.umich.edu/mlr/vol36/iss4/13