Capobianco v. First National Bank

OPINION

MUIR, District Judge.

Introduction.

This case involves a controversy between several groups of shareholders to control the board of a national bank.

Three questions are presented for decision: (1) Was there compliance with the section of the Bank’s by-laws which provided that a shareholder nominating a director for election to the Board state “the total number of shares of capital stock of the Bank that will be voted for each proposed nominee; . . . ”; (2) *157Is the by-law referred to valid in view of 12 U.S.C. § 61 which guarantees that in banking corporations the shareholder right to…