discharged. If there is a class of “preferred”‘ stock, the common stock may In this sense be said to be “deferred,” and the term Is sometimes used as equivalent to “common” stock. But it is not impossible that a corporation should have three classes of stock: (1) Preferred, (2) common, and (3) deferred; the latter class being postponed, in respect to participation in profits, until both the preferred and the common stock had received dividends at a fixed rate. See Cook, Corp.

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