Hill v. Newichawanick Co.
New York Supreme Court
At a meeting of the board of directors of the defendant, held on the 25th January, 1873, it was voted that a dividend of four per cent be declared, payable that day, and that another dividend of four per cent be declared payable at option of defendant's agent.
1Opinion of the CourtVan Vorst, J.
The declaration of both dividends was absolute; the one was payable on the day the dividend was declared, the time of the payment of the latter was left to the determination of the agent. Those dividends, to be paid out of the property and assets of the corporation, belonged and were payable to the persons who owned stock on the day the *428same were declared. In a case like the present, where no day 'Was definitely named for the payment of the second dividend, and no tipie fixed for closing or opening the books, to determine who otherwise would be entitled, with reference to which all interested…
2Cases cited1 opinion
- McNeil v. . the Tenth National BankNew York Court of Appeals · 1871
3Cited by3 opinions
- Gaty v. HollidayMissouri Court of Appeals · 1879
- Herrman v. MaxwellThe Superior Court of New York City · 1881
- In re Set Aside the Elections of Directors of RinglerAppellate Division of the Supreme Court of the State of New York · 1911