Gellermann v. Atlas Foundry & Machine Co.

Citations

• 45 Wash. 114
• 87 P. 1059
• 1906 Wash. LEXIS 930

Syllabus

<p>Corporations — Stock and Dividends — By-Laws. After a stockholder acquires stock in a corporation, the record of a by-law, providing for the payment of dividends upon all the stock, cannot be changed so as to deprive the stockholder of dividends on unpaid stock, although the change was to correct a clerical error in the record of the by-law as actually passed.</p> <p>Same — Construction of By-Laws. Under a by-law of a corporation authorizing the trustees at their discretion to declare dividends on paid up stock, and declaring that dividends accruing on unpaid stock shall be applied upon the unpaid subscription, dividends cannot be declared on the paid up stock only; but the holder of unpaid stock is entitled to an equal dividend to be applied on his unpaid subscription (Root, Crow, and Hadley, JJ., dissenting.)</p>