Agnew v. American Ice Co.

The opinion of the court was delivered by

Heher, J.

This is a class bill to restrain the payment of dividends on the common stock of the respondent American Ice Company until “an accumulated dividend preference” on its outstanding non-eumulative preferred stock shall have been paid.

The complainant Agnew is the owner of 400 shares of the preferred stock, all acquired on January 27, 1937; and his co-complainant Woodward owns 300 shares of the same class, of which 50 shares were acquired on February 6, 1929, and 250 shares on May 20, 1940. The respondent Continental Illinois National Bank and…