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HILL v. SMALL

26607.

228 Ga. 31 (1971)

183 S.E.2d 752

HILL et al. v. SMALL.

Supreme Court of Georgia.

Decided September 8, 1971.

Attorney(s) appearing for the Case

Smith, Cohen, Ringel, Kohler, Martin & Lowe, John W. Chambers, for appellants.

Hansell, Post, Brandon & Dorsey, Gary W. Hatch, F. T. Davis, Jr., for appellee.

UNDERCOFLER, Justice.

The question here is whether the board of directors of Pleasant Hills Acres, Inc., is authorized to issue stock therein in excess of 10,000 shares. The trial court declared that it could not and that the 3,800 shares involved in this litigation were void. The stockholders did not authorize such stock issue.

The original charter of Pleasant Hills Acres, Inc., contained the following provisions with respect to capitalization

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