The decree appealed from will be affirmed. The reasons for our determination are as stated in the opinion filed in the court below by Vice-Chancellor Bigelow, and reported in 108 N. J. Eg. 153; except, however, as to such part thereof as expresses an apprehension that the passage of the disputed by-law by the stockholders was beyond their jurisdiction and was an encroachment on the powers of the board of directors. The vice-chancellor’s observations in that respect are not essential to the conclusion reached and as to them we reserve opinion.

For affirmance — Trenchard, Parker, Lloyd, Case, Bodine, Daly, Donges, Van Buskirk, Kays, JJ. 9.

For reversal — ’Campbell, Dear, Wells, JJ. 3.