Commissioner of Banks v. McKnight

This suit in equity is brought by the commissioner of banks, in possession for the purpose of liquidation of the insolvent Industrial Bank & Trust Company under powers conferred by G. L. (Ter. Ed.) c. 167, § 22, to enforce for the benefit of its creditors the individual liability of its stockholders established by G. L. (Ter. Ed.) c. 172, § 24. It was stipulated by the parties that the commissioner of banks pursuant to power conferred by said c. 172, § 25, on December 9, 1924, instructed the bank to levy an assessment of seventy per cent of the par *469value of its stock upon all its stockholders…