Byrne v. Morley

TAYLOR, Chief Justice.

This action was brought to determine the validity of actions taken at a special stockholders’ meeting and at a purported adjourned session thereof. At the time involved, the corporation, the Bank of North Idaho, Inc., had 400 shares of capital stock outstanding. The plaintiff, Martin T. Byrne, was the owner of 105 shares and his wife, Mary Agnes Byrne, was the owner of 100 shares. November 2, 1953, Byrne, for himself and as attorney-in-fact for his wife, gave to defendant James C. Morley an option to purchase the Byrne stock, and also a proxy for the same stock. The…