Wood v. Salt River Valley Water Users' Ass'n

WILBUR, Circuit Judge.

This is an action by minority stockholders who are the appellants-against the Salt River Valley Water Users’ Association, appellee, a corporation organized in 1903 under the laws of the Territory of Arizona. The minority stockholders seek an injunction against a proposed issuance of bonds to the amount of $5,100,000, and a decree declaring indebtedness in excess of that authorized by the original articles of incorporation to be void and to enjoin enforcement of such obligations. Appellant’s contention is that the proposed bond issue and all previous is*10sues in excess of…