Fryer v. Wiedemann

Opinion of the Court by

William Rogers Clay, Commissioner —

Affirming.

The Highland Hotel Company was a corporation organized for the purpose of conducting a hotel in the District of Highlands, Campbell county, Kentucky. Its original capital stock was $50,000, divided into 500 shares of $100 each. In July, 1905, its capital stock was increased from $50,000 to $80,000, the additional $30,-000 being preferred stock, divided into 300 shares of $100 each. The certificates of preferred stock contained the following provision:

“The holders of this preferred stock are entitled to receive cumulative…