Court of Appeals for the Second Circuit August 4, 1925, 372 (Borg v. International Silver Co.)

HAND, Circuit Judge

(after stating the facts as above).

We do not see how it can be thought that the shares in question were in fact retired. The New Jersey statute (section 27, N. J. Corporation Law [P. L. 1896, p. 277]), prescribed a method by which this could be done, and there was no pretense of following it. As between the state and the defendant, the shares were certainly not retired.