It refers to the natural right of stockholders to subscribe to all issues or disposition of shares of any class in proportion to their present shareholdings in order to preserve the ownership interests in the corporation

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter18: Corporations: Organization And Capital Structure
Section: Chapter Questions
Problem 13DQ
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It refers to the natural right of stockholders to subscribe to all issues or disposition of shares of any class in proportion to their present shareholdings in order to preserve the ownership interests in the corporation. 

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