Romer v. Porcelain Products, Inc.

The Chancellor:

The Supreme Court of this State in Keller, et al., v. Wilson & Co., Inc., 21 Del. Ch. 391, 190 A. 115, held that it is beyond the power of a Delaware corporation created prior to the amendment of the act of 1927 (35 Del. Laws, c. 85) so to amend its charter as to reclassify its stock in a way that would extinguish the right of a dissenting preferred stockholder to receive in cash the arrearages of dividends which had accumulated on his shares as stipulated in the charter, before dividends on junior stock could be paid. The same rule applies to a corporation created after said…