Western Foundry Co. v. Wicker

This is an action for a declaratory judgment (Chap. 110, Par. 181.1, Ill. Rev. Stats. [Jones Ill. Stats. Ann. 104.057 (1)]) establishing the validity of an amendment, to a corporate charter, canceling accumulated unpaid preferred stock dividends. A decree was entered granting the declaratory relief and ordering plaintiff to pay the defendant, under his counter claim, dividends which had been declared under the amendment. Defendant has appealed.

Plaintiff was incorporated in Illinois in 1892. In 1925 it was reorganized with 6,000 preferred shares, par value of $100 each and 60,000 common shares…