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  5. 224 F.Supp.2d 1033 (2002)
 

BADLANDS TRUST CO. v. FIRST FINANCIAL FUND, INC.

No. CIV. JFM-02-2423.

224 F.Supp.2d 1033 (2002)

BADLANDS TRUST COMPANY, et al. v. FIRST FINANCIAL FUND, INC.

United States District Court, D. Maryland.

September 19, 2002.

Attorney(s) appearing for the Case

James H. Hulme, Donald B. Mitchell, Jr., Benjamin I. Fishman, Arent Fox Kintner Plotkin and Kahn PLLC, Washington, DC, for Plaintiffs.

Jeffrey B. Maletta, Kirkpatrick and Lockhart LLP, Washington, DC, for Defendant.

OPINION

MOTZ, District Judge.

First Financial Fund, Inc. ("Fund") has a bylaw providing that "[d]irectors shall be elected by vote of the holders of a majority of the shares outstanding and entitled to vote thereon." This case presents the question whether the bylaw is valid under the Maryland General Corporation Law (MGCL) and the Investment Company Act of 1940. For the reasons that follow, I find it is invalid under the MGCL. Therefore, I do not reach...

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