Davison v. Parke, Austin & Lipscomb, Inc.

On November 14, 1935, the stockholders of Parke, Austin & Lipscomb, Inc., at a special meeting passed a resolution authorizing the corporation to amend its certificate of incorporation, so as to reduce the capital stock, to exchange for each share of preferred stock without par value then outstanding, one and one-half shares of new common stock without par value, and to exchange for each share of common stock without par value then outstanding, one share of new common stock without par value. The resolution was adopted by the votes of the holders of record of more than two-thirds of the…