National Bank of Detroit v. City of Detroit

In compliance with the provisions of the'law (12 USCA, § 282; Treasury Document No. 2961, 1928, chap. 1, § 12), the National Bank of Detroit, plaintiff, upon its organization subscribed for an amount of stock in Federal reserve bank equal to six per cent, of its capital and surplus, and on March 21, 1933, paid $675,000, one-half of its subscription. It was required to do this before the comptroller of currency would issue a certificate authorizing it to begin business. The money paid for this Federal reserve bank stock came from the General Motors Corporation, which had paid in on that same…