Weaver Power Co. v. Elk Mountain Mill Co.
Supreme Court of North Carolina
Appeal from Gouncill, J., at October Term, 1910, of BuNcombe. This is a petition in the cause (a proceeding commenced for the purpose of winding np the affairs of the Elk Mountain Company, an insolvent corporation) filed by Mary A. Stewart to have certain certificates s.et out in the record declared a debt against the corporation, to the end that she may share pro rata, with creditors in its assets. His Honor sustained a demurrer to the petition, and defendant appealed.
1Opinion of the CourtBeoavN, J.
The certificates set out in the record are substantially in the usual form for preferred shares of stock in a corporation, issued by authority of our statute, Rev., sec. 1159, which authorizes corporations to issue two or more kinds of stock of such classes, with such designations, preferences, and voting powers, or restrictions or qualifications thereof, as shall be presented by those holding two-thirds of the capital stock outstanding.
At one time it was a matter of discussion as to whether a preferred stockholder had any rights as a creditor of the corporation or could properly be…
2Cases cited5 opinions
- Warren v. KingSupreme Court of the United States · 1883
- Hamlin v. Toledo, St. L. & K. C. R.Court of Appeals for the Sixth Circuit · 1897
- Morrow v. Iron & Steel Co.Tennessee Supreme Court · 1889
- Chaffee v. Rutland RailroadSupreme Court of Vermont · 1882
- McCutcheon v. Merz Capsule Co.Court of Appeals for the Sixth Circuit · 1896
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- Kinston Cotton Mills v. Wachovia Bank & Trust Co.Supreme Court of North Carolina · 1923
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