ion, if it was
fairly conducted and all who had the right to vote were present.
Likewise a stockholder who knows of the sale of his railroad, though
not legally notified of the meeting which authorized its sale, and was
not present, may be bound by its action through acquiescence. And a
stockholder who, after receiving notice of a meeting called by the
directors to consider their neglect of duty and who decides not to go,
is not thereby prevented from taking action against them by the
stockholders who did attend and authorized their unauthorized action.
Lastly a stockholder who was present cannot complain that notice was
not given to others; the objection is personal.

Next we may inquire, who can vote at such meetings? Unless prevented
by charter, statute or by-law a stockholder may vote at any corporate
meeting even though no certificate of stock has been issued to him.
Nor does his indebtedness for his stock prevent him from voting. On
the other hand if inspectors were not bound by the record of ownership
in the company's books and went behind them to find out the real
ownership of the company's stock, they would often have a grave task
before them. Consequently in many, perhaps all of the states, only
stockholders or those holding proxies for them can vote at a general
election. By statute the stock record of ownership is usually made the
conclusive test of the right to vote. Stockholders who thus appear on
the stock books at the date of a meeting are entitled to vote the
stock.

A trustee is the legal owner of stock standing in his name and may
vote the stock for all purposes; but a testator may impose limitations
on his voting power. Should trustees under a will holding a majority
of the stock of a corporation disagree, and one of them should be
enjoined from voting it, a minority stockholder would be entitled to
an injunction to restrain the other trustee from holding an election
or voting the stock alone until the right to vote the stock had been
legally decided.

A different rule applies to a naked trustee who holds the title to the
stock without any real interest in it. He can indeed vote, but in the
way directed by the beneficiary or real owner. In Colorado, by
statute, perhaps in some other states, a person to whom stock has been
issued as trustee without the knowledge of the owner, is not a bona
fide stockholder and cannot vote.

An executor has the power to vote the stock of his testator. And if
one