CARTER, J.
Petitioner, a corporation engaged in horse racing enterprises, was organized in 1935, with an authorized capital of 5,000 shares of non par value common stock and 5,000 shares of preferred stock with $100 par value. Its articles were amended from time to time increasing the number of shares culminating in 1947 with an authorization for 60,000 shares with a par value of $100 per share.
Prior to 1947 the corporate securities act gave the corporation...
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