195 A.D. 616 | N.Y. App. Div. | 1921
In 1890 the Bank of Pine Bluff, at Pine Bluff, Jefferson county, Ark., was organized under the Manufacturers and Traders Act of the laws of the State of Arkansas, with a fixed capital of $100,000, shares $25 each. (See Ark. Acts of 1868-69, No. 92; Kirby’s Digest Ark. Stat. § 837 et seq.) Albert Lane, appellants’ testator, a resident of Otsego county, N. Y., was one of the original incorporators; his subscription amounted to $2,000, or eighty shares of the stock at its par value. In 1896 the capital stock of the bank was reduced one-third; he surrendered his certificate and received a new certificate representing stock, at par value of $1,333.33. Albert Lane died in July, 1908; the appellants represent his estate in the different capacities as indicated in the title of this action. This was a State bank, and at the time of its organization the act under which it was organized did not contain any provision imposing liability on the stockholder greater than his investment in the stock of the bank. In 1913 the General Assembly of the State of Arkansas passed a law entitled: “An Act for the organization and control of Banks, Trust Companies and Savings Banks.” (Ark. Acts of 1913, act 113.) The act provides for the appointment of a Bank Commissioner
The judgment should be affirmed, with costs.
Judgment unanimously affirmed, with costs.