Andrew v. Peoples Savings Bank

On and prior to the 30th day of October, 1928, the People’s Savings Bank, a duly incorporated bank under the laws of the state of Iowa, was conducting a general banking business in the city of Des Moines, Iowa. Its authorized capital of $100,000 was divided into one thousand shares of the par value of $100 each, and had all been issued and was then outstanding.

Shortly before the 30th day of October, 1928, the superintendent of banking advised the officials of said bank that, unless something was done to place its affairs in a more satisfactory condition, the banking department would insist…