State v. R. H. Perry & Co.

Harrington, J.,

delivering the opinion of the Court:

The defendant company was created under the Corporation Laws of this State. The question is whether it was subject to assessment and taxation for the year 1926 on an authorized issue of 100,000 or on 150,000 shares of stock.

It appears from the agreed statement of facts that its charter authorized it to issue 50,000 shares of Class A, no par value, stock, having certain preferential privileges and 100,000 shares of common stock, also having no par value.

The charter further provided, however, that the holders of Class A stock should have the…