Homestead Bldg. & Loan Ass'n v. Loukas

COMBS, Justice.

The appellant, Homestead Building & Loan Association, is a corporation organized under the building and lo.an association statutes of the state of Texas. On May 12, 1930, appellee, - John Loukas, purchased 30 shares of stock in the association of the matured -value of $100 per share. The stock was what is designated as advance payment cumulative stock, for which the purchaser paid $50 per share in advance. The by-laws provided that said stock should be credited semiannually on the books of the association with' its full prorata share of the stock in the net earnings of the…