West v. Sirian Lamp Co.

Harrington, Chancellor:

In the original bill, the complainants sought to cancel the entire issue of the no par common and voting stock of the corporation:(1) Because the original 30,000 shares of no par common stock, exchanged for the present issue of 300,000 shares, *330were not authorized by the pertinent provisions of the General Corporation Law or by the charter of the Sirian Lamp Company, and were, therefore, void;(2) Because the original 30,000 shares of no par common stock, exchanged for the present outstanding issue of 300,000 shares, were issued without “any legal or valid consideration…