Schaffner v. Standard Boiler & Plate Iron Co.

The plaintiffs and intervening plaintiffs are the owners of 102 first preferred shares of The Standard Boiler & Plate Iron Company, issued under date of January 1, 1929.

The articles of incorporation contained the following provisions:

“First. The holders of record of the first preferred stock shall be entitled to' receive, when and as declared by the board of directors of the corporation, dividends at the rate of seven per cent (7%) per annum, payable quarterly upon the first days of January, April, July and October in each year before any dividends shall be declared or paid upon or set apart…