Vogtman v. Merchants Mortgage & Credit Co.

The Chancellor:

The charter of the corporation confers the sole voting rights upon the Class A common stock. The preferred stock is possessed with no voting powers. But the charter provides that in case the stipulated dividend on the preferred stock shall not have been paid for two semi-annual periods or the required sinking fund payments shall not have been made for two periods, the preferred stock shall have the ¿ole voting privilege until payment of all accumulated dividends thereon and all payments into the sinking fund shall have been made.

■The complainant alleges that two arrearages…