Golconda Mining Corp. v. Hecla Mining Co.

Golconda Mining Corporation, owning 13 per cent of the capital stock, was the largest single shareholder of Hecla Mining Company. It declared an intention to vote cumulatively for directors at Hecla’s annual meeting of shareholders to be held on May 29, 1969. Hecla’s officers, asserting that neither the corporate charter nor existing statutes provided for cumulative voting, announced that cumulative voting would not be permitted. Golconda countered, pointing out that Hecla, although incorporated long before enactment of the Uniform Business Corporation Act, Laws of 1933, ch. 185, p. 770, had…