In Re Chelsea Exchange Corp.

The Chancellor:

It is conceded that the board of directors of this corporation is composed of nine. A majority constitutes a quorum. Nine members were elected by the stockholders at their annual meeting on March 19, 1931. Two directors resigned prior to October 15, 1931. On that day, two of the remaining seven directors assumed to elect Pratt and Traver to the vacancies, and thereupon adjourned the meeting to October 19, 1931. At the meeting on the nineteenth, four of the original nine, including Specht, were present as also were Pratt and Traver. The minutes of the meeting of the fifteenth…