Power Building & Loan Ass'n Petition

Kun, J.,

This is a proceeding by petition under section 621 of the Building and Loan Code of May 5,1933, P. L. 457, for the reduction of the liability of the Power Building & Loan Association to its shareholders. The Power Building & Loan Association is the result of a merger of a number of other associations which because of their insolvent condition could not continue in operation. If the purpose and basis of the proceeding to reduce liability of a building and loan association to its stockholders is understood, the rights of stockholders therein and of others in such proceedings become…