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SECURITIES AND EXCHANGE COMMISSION v. TRANSAMERICA CORP.

Civil Action No. 861.

67 F.Supp. 326 (1946)

SECURITIES AND EXCHANGE COMMISSION v. TRANSAMERICA CORPORATION et al.

District Court, D. Delaware.

Rehearing Denied September 9, 1946.

Attorney(s) appearing for the Case

Edward H. Cashion, Counsel, and Walter G. Holden, Sp. Counsel, both of Philadelphia, Pa., Edward C. Jaegerman, of Washington, D. C., and Elwood L. Englander, and Robert Block, Attorneys, both of Philadelphia, Pa., for Securities and Exchange Commission.

Edwin D. Steel, Jr., of Morris, Steel, Rodney, Nichols & Arsht, all of Wilmington, Del., for defendant.

LEAHY, District Judge.

1. The inquiry applicable to the Gilbert proposals is whether they are a "proper subject for action by security holders" at an annual meeting. This inquiry must be answered not by federal but by Delaware law.1

I shall first consider the proposal that defendant send a report as to what occurred at all annual meetings to its stockholders. This resolution was not intended by Gilbert to be offered as a by-law...

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