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WEBB v. MOREHEAD

No. 449.

111 S.E.2d 586 (1959)

251 N.C. 394

Alexander WEBB, for himself and other persons owning stock in the North Carolina Railroad Company, v. John M. MOREHEAD, President of the North Carolina Railroad, Edwin S. Pou, Secretary of the North Carolina Railroad, and the North Carolina Railroad Company.

Supreme Court of North Carolina.

December 16, 1959.

Attorney(s) appearing for the Case

Bailey & Bason, Raleigh, for plaintiff appellant.

Harley B. Gaston and Willis C. Smith, Belmont, for North Carolina R. Co.

Malcolm B. Seawell, Atty. Gen., and T. W. Bruton, Asst. Atty. Gen., amici curiæ

RODMAN, Justice.

This action was instituted 2 March 1959 for the purpose of determining the validity of an amendment to the bylaws of defendant North Carolina Railroad Company adopted at a special meeting of the shareholders held on that date. Defendant corporation has a total of 40,000 shares of issued and outstanding stock, 30,002 shares of which are owned by the State of North Carolina, and 9,998 shares by individuals and private corporations. The complaint alleged...

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