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AGNEW v. AMERICAN ICE CO.

2 N.J. 291 (1949)

66 A.2d 330

AUSTIN AGNEW ET AL., COMPLAINANTS-APPELLANTS, v. AMERICAN ICE COMPANY ET AL., DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided May 23, 1949.

Attorney(s) appearing for the Case

Mr. Vincent P. Biunno (Mr. Ralph E. Lum, on the brief; Messrs. Lum, Fairlie & Foster, attorneys) argued the cause for the appellants.

Mr. Donald B. Kipp (Messrs. Pitney, Hardin & Ward, attorneys) argued the cause for the respondent American Ice Company.

Mr. Bernard M. Shanley (Mr. Harold H. Fisher, on the brief; Messrs. Young, Shanley, Foehl & Fisher, attorneys) argued the cause for the respondent Continental Illinois National Bank and Trust Company of Chicago, as executor and trustee of the estate of Thomas M. Howell, deceased.

The opinion of the court was delivered by HEHER, J.

This is a class bill to restrain the payment of dividends on the common stock of the respondent American Ice Company until "an accumulated dividend preference" on its outstanding non-cumulative preferred stock shall have been paid.

The complainant Agnew is the owner of 400 shares of the preferred stock, all acquired on January 27, 1937; and his co-complainant Woodward owns 300 shares of the same class, of...

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