Fortner v. Cornell

The material allegations of appellant’s amended complaint as amended are in substance: that on or about February 1st to 7th, 1926, the stockholders of respondent corporation, Oakes and Company, adopted a resolution providing for the application of the assets of the company to the payment and retirement of its stock, which was to some extent and for a time carried out; that the number of shares of stock were variously increased and de creased at different corporate meetings until August 26, 1931, when a resolution of the board of directors ordered a reduction to 90 shares, then stated in said…