Kemp v. Levinger

This appeal brings up for review a controversy over the respective rights of the different classes of stockholders *689under the charter of Virginia-Carolina Chemical Corporation, a corporation organized under the laws of this Commonwealth.

This corporation was chartered March 24, 1926, as the result of a plan and agreement to reorganize Virginia-Carolina Chemical Company, a New Jersey corporation, then in receivership. The maximum number of shares authorized by the charter was 1,109,711, divided into three classes, i. e., 144,871 shares of the par value of $100, each, seven per cent cumulative…