Mitchell v. Banking Corp. of Montana

This is an appeal from a judgment dismissing plaintiffs’ action upon the merits, entered after the court had sustained demurrers to the complaint and plaintiffs had refused to plead further.

The Banking Corporation, being then insolvent, failed to open for business on May 2, 1923, and thereafter Claude C. Gray was duly appointed its receiver and has since been steadily engaged in winding up its affairs.

On February 28, 1922, the stockholders of the institution passed a resolution purporting to reduce the capital stock of the corporation from $500,000, divided into 5,000 shares of the par value…