Commercial Bank of Athens v. Blassingame

The affairs of the Commercial Bank of Athens, the plaintiff in the case, were placed in the hands of the State bank examiner, in compliance with the provisions of the Civil Code, § 2290, which deals with the effect of the possession of a bank’s affairs and assets by the State bank examiner. After an audit of the assets of the bank it was discovered that its capital stock was impaired to the extent of about '95 per cent, within a stated time. The directors were notified; and at a stockholders’ meeting, of which all the stockholders were given notice, a resolution was passed assessing each…