Board of Trustees v. Barrow County Cotton Mills

1. Where a certificate issued by a corporation and denominated “preferred stock,” in a certain amount, provides for the payment of dividends out of the net profits of the corporation at a rate not exceeding a certain per cent, when the corporation has earned this amount, and provides that this stock shall be redeemable at the option of the corporation, after a certain period of time, at its par value with accrued dividends, and where the resolution of the corporation under the authority of which the certificate was issued contains substantially the same provisions, the certificate is nof an…