Pontiac Packing Co. v. Hancock

Facts essential to decision are as follows : Plaintiff is a domestic corporation engaged in business indicated by its name. The bill was filed by' it and in its name on April 2, 1930, to cancel and to have surrender of certificates of capital stock issued as a stock dividend to common stockholders, and for accounting of cash dividends paid thereon. Defendants are the directors and the common stockholders who received the stock dividend. Plaintiff had decree. Both plaintiff and defendants have appealed.

On April 1, 1920, the stockholders voted unanimously to increase the capital stock from…