In re Gulla'

The Chancellor.

The petition in this case was presented under Section 31 of the General Corporation Law of this state (Revised Code 1915, § 1945), which reads as follows:

“Section 31. Election of Directors on Failure to Elect on Regular Day; Election Ordered by Chancellor; When. — If the election for directors of any corporation shall not be held on the day designated by the by-laws, the directors shall cause the election to be held as soon thereafter as conveniently may be; no failure to elect directors at the designated time shall work any forfeiture or dissolution of the corporation, but the…