Michigan Supreme Court June 3, 1940, Docket No. 107, Calendar No. 40,958. (Coon v. Schlimme Dairy Co.)

McAllister, J.

On September 15,1937, at a meeting of the board of directors of the Schlimme Dairy Company, a Michigan corporation, the following resolution was passed:

“Resolved, that a dividend be declared of $5 per share on outstanding stock on record as of September 15, 1937 — said dividend to be made payable in common stock, or cash, or optional for the shareholder.