Barton v. Enterprise Loan & Building Ass'n

The appellee is an incorporated Building, Loan Fund and Savings Association, existing under articles of association filed on the 31st day of July, 1879. Article 4 of the organic instrument provides that “ This association shall continue in operation eight years, unless the funds of the association shall be sufficient to pay all its debts and to redeem all its stock in a shorter time.” Qne thousand shares of stock were issued, and all redeemed before July 18th, 1887, except thirty-eight. The appellee was the owner of one of these shares. On the 18th day of July, 1887, a resolution was passed…