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Business Associations Keyed to Hamilton
Rauchman v. Mobil Corp.
Facts
Rauchman (Plaintiff), owner of voting shares of Mobil Corp. (Defendant) stock, submitted a proposed bylaw amendment to be included in the proxy statement sent out for the information of shareholders. The purpose of the amendment was to preclude a citizen of an OPEC [Organization of the Petroleum Exporting Countries] from becoming a member of the board of directors. Defendant obtained a Securities and Exchange Commission (SEC) statement indicating no action would be taken if the proposal were excluded as it related to an election of a director to office. The trial court granted defendant’s motion for summary judgment. Plaintiff appealed.
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