McLean v. Pittsburgh Plate Glass Co.
Supreme Court of Pennsylvania
Appeal, No. 189, Oct. T., 1893, by plaintiffs, Charles B. McLean and Mrs. C. C. McLean, from decree of C. P. No. 2, Allegheny Co., April T., 1893, No. 226, dismissing bill in equity. Bill in equity to compel directors of defendant corporation to declare dividend on preferred stock. The case was heard on bill and answer.
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Appeal, No. 189, Oct. T., 1893, by plaintiffs, Charles B. McLean and Mrs. C. C. McLean, from decree of C. P. No. 2, Allegheny Co., April T., 1893, No. 226, dismissing bill in equity. Bill in equity to compel directors of defendant corporation to declare dividend on preferred stock. The case was heard on bill and answer. The facts disclosed by the bill and answer were as follows: Defendant company is a corporation, organized under the act of 1874 and its supplements, having its chief place of business in Allegheny county. On Oct. 18, 1883, when the issue of preferred stock was authorized, its…
1Opinion of the Court
Opinion by
Mr. Justice Green,
We think the decree of the learned court below in this case was entirely correct. We do not see that there is anything either in the resolution of the stockholders at the meeting held October 18th, 1883, authorizing the issue of preferred stock, or in the certificates issued to the holders of preferred stock, which takes away from the directors, or impairs, the discretion which they must exercise in the declaration of dividends. According to the language of the certificates, “ The holders of preferred stock of said company are entitled to dividends out of the net…
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