Court of Chancery of Delaware June 4, 1930 (Corbett v. McClintic-Marshall Corp.)

The Chancellor.

The grounds of demurrer are four in number. They present, however, only two questions.

The first question is — were the directors required to approve only such annual statement of assets and liabilities submitted to them as would reflect the fair present value of the assets; or, conversely, were they permitted under the language of the redemption clause of the preferred stock