Sellers v. Joseph Bancroft & Sons Co.

The Chancellor :

This case is before this court on final hearing on an agreed statement of facts. It involves the validity of a purported amendment of the certificate of incorporation of the Joseph Bancroft & Sons Company, which is alleged to have been duly adopted at a stockholders’ meeting held November 10, 1937. But the precise question to be determined is whether that amendment received the requisite vote of the 7% cumulative preferred stockholders, or whether it is invalid, at least as to stockholders of that class who failed or refused to vote their stock in its favor. *274It appears from…