Jay Ronald Co. v. Marshall Mortgage Corp.

This is a controversy submitted upon an agreed statement of facts.

*624Since April, 1938, plaintiff has been the owner of 487 shares of the stock of defendant, Marshall Mortgage Corporation. The company was organized in the State of New York in 1926 with a stated and actual capital of $300,000. The total number of its authorized shares was, and still is, 100,000, all common stock without par value. The individual defendants are the officers and directors of defendant corporation.

On January 31, 1940, by proceedings duly taken the capital of defendant corporation was reduced from $300,000 to…