Hannigan v. Italo Petroleum Corp. of America

Rodney, J.,

delivering the opinion of the Court:

We are not prepared to greatly differ with the learned Court below in its precise holding. While there is evidence in the record of a substantial course of conduct on the part of the officers of the corporation in the making of promissory notes which were subsequently reported to the company, yet there is no evidence that on any other-occasion had the dividends of the company been paid by promissory notes, or promissory notes issued in lieu of the normal method of the payment of dividends duly declared. The declaration and payment of dividends is…