Bassett v. United States Cast Iron Pipe & Foundry Co.
Supreme Court of New Jersey
On. appeal from a decree of tbe court of chancery advised by Yice-Chancellor Howell, whose opinion is reported in 73 N. J. Eq. (4 Buck.) 668.
1Opinion of the Court
The opinion of the court was delivered by
Gummere, Ci-iiee-Justice.
The contest in this case is over the right of the board of directors of the defendant company to declare a dividend on its preferred stock out of a fund known as “Reserve for additional working capital.”
By the defendant’s certificate of incorporation its preferred stock is entitled to non-cumulative dividends not exceeding seven per cent, per annum, payable out of any and all surplus net profits; and the common stock is entitled to dividends out of the surplus net profits remaining after payment of the dividends on the…
2Cited by13 opinions
- Johnson v. Johnson & Briggs, Inc.Supreme Court of Virginia · 1924
- Moran v. U.S. Cast Iron Pipe, C., Co.Supreme Court of New Jersey · 1924
- Lich v. United States Rubber Co.District Court, D. New Jersey · 1941
- Stone v. United States Envelope Co.Supreme Judicial Court of Maine · 1920
- Cintas v. American Car Foundry Co.New Jersey Court of Chancery · 1942
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