Orloff v. Stott

The Morehead Manufacturing Company gave notice to its stockholders, on January 9, 1920, of the annual meeting, and recited therein that the stock holders would be asked .to vote on an increase of the original stock. Its capital stock at that time was $45,000, divided into shares of $10 each. It sought to increase the stock to $125,000. At the annual meeting, January 13th, a vote was taken and 2,860 shares voted in favor of the resolution to increase. Notwithstanding the resolution failed to receive the 3,000 votes, or two-thirds of the capital stock, the resolution was declared carried.…