Sutton v. Globe Knitting Works

Plaintiff and appellant is the owner of 100 shares of preferred stock of the par value of $10 per share in the defendant company, Globe Knitting Works, a Michigan corporation. The certificate issued for such preferred stock contains the following provision:

“This stock is subject to redemption and shall be redeemed at par on January 25, 1932, provided the same is then outstanding.”

At the time plaintiff purchased his stock in the defendant company its articles of association contained the following provision:

“The preferred stock shall be subject to redemption and shall be redeemed at par on…