Corbett v. McClintic-Marshall Corp.

The Chancellor.

The grounds of demurrer are four in number. They present, however, only two questions.

The first question is — were the directors required to approve only such annual statement of assets and liabilities submitted to them as would reflect the fair present value of the assets; or, conversely, were they permitted under the language of the redemption clause of the preferred stock article of the charter, to accept the values placed upon the assets by the books and at which they were being carried, regardless of the relation which such values might bear to the true or fair value?

The…