SEATTLE TRUST & SAVINGS BANK v. McCARTHY

No. 46917.

94 Wn.2d 605 (1980)

617 P.2d 1023

SEATTLE TRUST & SAVINGS BANK, Respondent, v. CHARLES A. McCARTHY, Appellant.

The Supreme Court of Washington, En Banc.

October 16, 1980.


Attorney(s) appearing for the Case

Roberts, Shefelman, Lawrence, Gay & Moch, William G. Tonkin, and Steven E. Cummings, for appellant.

Preston, Thorgrimson, Ellis & Holman, Gordon G. Conger, Alan L. Wicks, and Stephen A. Smith, for respondent.


ROSELLINI, J.

In this declaratory judgment action, a bank and trust company seeks to establish the constitutionality of the action of a majority of its shareholders in voting to discontinue the preemptive right of existing shareholders to acquire unissued stock. The action was taken in June 1979 pursuant to RCW 30.12.220, which provides:

The articles of incorporation of any bank or trust company organized under this title may limit or permit the preemptive...

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