In re the Election of the Officers & Directors of the Provident Building & Loan Ass'n

The opinion of the court was delivered by

Garrison, J.

At an election held for the officers of a building and loan association, votes were cast by persons who were not each the holder of a share of stock in the association, but part owners of a single share. Although challenged, these “fractional” votes were received and counted. This course was clearly illegal. The constitution of the association provides that “ each shareholder shall be entitled to one vote only, irrespective of the number of shares he or she may hold.” A shareholder for voting purposes is the holder of a share, which is the…