Gallagher v. McAdams

Citations

• 49 Pa. Super. 81
• 1912 Pa. Super. LEXIS 288

Syllabus

<p>Corporations — Voting of stock — Building and loan association — Injunction — Equity—Quo warranto — Act of June lj, 1886, P. L. 621.</p> <p>1. A court of equity will not restrain the holders of stock in a building and loan association who have regularly taken their stock in accordance with the by-laws from voting the same at a regular election for officers of the association, where there is no evidence of fraud or of any intention on the part of the takers of the stock to use it in any way contrary to the law, or the by-laws of the association; and this is the case although the stock may have been purchased for the purpose of using it at a regular election of officers.</p> <p>2. In such a case evidence of the financial inability of one of the takers of the stock to purchase it, is immaterial.</p> <p>3. Where a corporate election is held at the proper place and the appointed time, and the meeting is regular, quiet and orderly, the only way to contest the validity of the election is by writ of quo warranto, as provided by the Act of June 14,1836, P. L. 621.</p>