Nothiger v. Corroon & Reynolds Corp.

The action is brought by plaintiff for himself and in a representative capacity on behalf of all other holders of defendant’s Series A Preferred Stock. The gist of the complaint is that defendant has, since January 1, 1933, failed and refused to perform the provisions of section 4-N of its certificate of incorporation or charter. That section provides for the annual redemption, commencing in 1933, of three per cent of the aggregate number of shares of this preferred stock. To effect such redemption, it is provided that on January first of each year in which the sinking fund is operative a sum…