Webb v. Morehead

This action was instituted 2 March 1959, for the purpose of dietermining the validity of an amendment to the bylaws of defendant North Carolina Railroad Company adopted at a special meeting of the shareholders held on that date. Defendant corporation has a total of 40,000 shares of issued and outstanding stock, 30,002 shares of which are owned by the State of North Carolina, and 9,998 shares by individuals and private corporations. The complaint alleged a special meeting of the shareholders of defendant 'corporation had been called to consider amendments to its bylaws; that the bylaws in…