Case No. 12,475.

SCHOLFIELD et al. v. UNION BANK.

[2 Cranch, C. C. 115.]¹

Circuit Court, District of Columbia.

Nov. Term, 1815.

BANKS—STOCKHOLDERS—ELECTION OF DIRECTORS—WHO MAY VOTE.

A stockholder of a bank, who has pledged his stock to the bank as collateral security for the payment of his notes not yet due, has a right to vote as a stockholder at an election of directors.

[Cited in Clarke v. Central Railroad & Banking Co., 50 Fed. 343.]

[Cited in Hoppin v. Buffum, 9 R. I. 515.]

An injunction had been granted to stay the election of directors of the Union Bank of Alexandria, upon the refusal of the committee of election to permit those stockholders to vote 724whose stock was pledged to the bank as collateral security for notes not yet payable.

THE COURT confirmed the principle upon which the injunction was granted.

¹ [Reported by Hon. William Cranch, Chief Judge.]

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