Wallace v. Motor Products Corporation

MOORMAN, Circuit Judge.

The Motor Products Corporation, which was -organized in 1916, was reincorporated under the laws of New York in 1923, with an authorized capital stock of 130,010 shares of no par value, 67,-500 shares of which were common stock and 62,510 preferred. The preferred stock was entitled -to .annual dividends of $4 a share, and could be redeemed at any time, upon thirty days’ 1 potice, at $50 a share and accrued dividends. No dividends could'be paid on the common stock so long as any preferred ¿took 1 remained outstanding. The right to eiect-.Jirectorawas vested in the common…