Blandin v. United North & South Development Co.

Marvel, Vice Chancellor:

Plaintiff seeks to establish his right to certain claimed dividends allegedly due him as the holder of a certificate for 100 shares of series A $10 par value preferred stock of the defendant corporation. This1 class of stock on which cumulative dividends were paid prior to redemption was authorized by corporate amendment of April 29, 1937, adopted following reorganization proceedings in the United States District Court for the Western District of Texas. The amendment provided inter alia that such stock should:

“* * * pay dividends at the rate of six percent (6%) per…