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Corporations Keyed to Hazen
Morris v. Standard Gas. & Elec. Co.
Citation:63 A.2d 577 (Del. Ch. 1949)
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- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The directors of the defendant corporation on December 20, 1948 declared a regular quarterly dividend on the $7 and the $6 prior preference cumulative stock to be paid on January 25, 1949. Shortly thereafter, plaintiff filed this action to enjoin the payment of the dividends on the ground that the requirements of Section 34(b) had not been met because the net value of the assets was less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets.
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