Lawrence Investment Co. v. Wenzel & Henoch Co.

{concurring). Up until September 20, 1950, when the board of directors of plaintiff corporation passed its resolution to redeem the outstanding $5,200 in par value of its preferred capital stock (of which amount the defendant owned $2,500 in par value), it is clear from undisputed facts set forth in the affidavits both in support of, and in opposition to, plaintiff’s motion for summary judgment that the defendant, as a preferred stockholder, could not have successfully maintained an action to compel the board of directors of plaintiff corporation to declare any dividends on the preferred…