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STATE EX REL. WASHINGTON INDUS. v. SHACKLETT

512 S.W.2d 284 (1974)

STATE of Tennessee ex rel. WASHINGTON INDUSTRIES, INC., et al. v. J.C. SHACKLETT et al.

Supreme Court of Tennessee.

July 15, 1974.

Attorney(s) appearing for the Case

Walter S. Clark, Jr., Nashville, for appellants.

W.W. Berry, Charles K. Wray, Nashville, for appellees.

OPINION

McCANLESS, Justice.

This case requires construction of a section of the Tennessee General Corporation Act, specifically Section 48-708(2), T.C.A. The issue for determination is whether a parent corporation which holds the majority common stock in its subsidiary can vote that stock as a corporate shareholder to elect the subsidiary's board of directors, even though the five directors of the parent are the same individuals who comprise five of the...

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