Lewis, Secretary of State v. Oscar C. Wright Co.

Opinion of the Court by

Judge Clay

Affirming.

The stockholders of the Oscar C. Wright Company, a corporation, adopted the following amendment to its articles of incorporation:

“Fourth. The total authorized capital stock of this corporation shall consist of twenty thousand (20,000) shares of common stock without any nominal par value, and seventy-five hundred (7,500) shares of Class ‘A’ common stock (issued upon the conditions heretofore authorized) without any nominal par value; and the proceeds of any future sales of said common stock may be allocated by the Board of Directors either to capital…