This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 edition. Excerpt: ...are to be paid for by preferred stock, the municipality may by mandamus compel the company to issue n certificate of stock setting forth the preference. State v. Cheraw, etc., R. R. 16 S. C., 524 (1881). 4 Where the corporation offers to exchange preferred for common stock, upon the payment of an ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 edition. Excerpt: ...are to be paid for by preferred stock, the municipality may by mandamus compel the company to issue n certificate of stock setting forth the preference. State v. Cheraw, etc., R. R. 16 S. C., 524 (1881). 4 Where the corporation offers to exchange preferred for common stock, upon the payment of an additional sum of money, a stockholder who delays for thirty years to avail himself of the privilege cannot claim the right thereto. The fact that the corporation had taken in some of the common stock on a new basis of exchange is immaterial. Holland v. Cheshire R'y, 24 N. E. Rep., 206 (Mass, 1890). An extension of the time when a bond is to be paid does not extend the time within which it may be exchanged for stock of the company. Muhlenberg v. Philadelphia, etc., R. R, 47 Pa. St., 16 (1864). Where an option was given to holders of the common stock to take a certain number of new preferred shares within a given time, it was held that a shareholder who lived abroad and had no notice of the option until the expiration of the specified time could not, upon learning of it afterwards, come in and demand the right to purchase the preferred shares. Pearson v. London, etc.. R'y Co., 14 Sim., 541 (1845). Such, also, is the rule where there is an option within a fixed time to convert loan notes into common shares. Campbell v. London, etc., R'y Co., 5 Hare, 519 (1846). See, also, 283. 5 Although the preferred stock is partly taken back by the company and new preferred stock of the same amount, bearing a less dividend, is issued in exchange, yet this does not enable the same as common stockholders.' Preferred stockholders are subject to a statutory liability the 271. Preferred stockholders are not creditors--Dim'dcmls canbe only...
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