Haggard v. Lexington Utilities Co.

Opinion op the Court by

Judge Rees —

Affirming.

The Lexington Utilities Company was incorporated, in 1909 with an authorized captital stock of $100,000. Its charter was amended from time to time, and on May 29, 1928, the authorized capital stock was fixed at $5,250,000, divided into 50,000 shares of preferred stock of the par value of $100 each, and 250,000 shares, of common stock of the par value of $1 each. Only 25,426 shares of the preferred stock and 102,575 shares, of the common stock have been issued.

By section 1 of article 5 of the charter as- amended on May 29, 1928, the holders of the…