Standard Power & Light Corp. v. Investment Associates, Inc.

Terry, /.,

delivering the opinion of the court:

This is an appeal from a decree of the Court of Chancery involving Section 31 of the General Corporation Law, Rev. Code 1935, § 2063, relating to the review of corporate elections.

On May 7, 1946, a stockholders’ meeting was held for the purpose of electing directors for the ensuing year for Standard Power and Light Corporation. Under the charter provisions 200,000 shares of preferred stock, 1,500,000 shares of common stock of the par value of $1.00, and 500,-000 shares of common stock Series B, no par value, are authorized. As of May 7th, 34,054…