Union Bank v. M'Donough
Supreme Court of Louisiana
Eastern Dis. APPEAL PROM THE COURT OP THE CITS’ AND PARISH OP NEW-ORLEANS. This action was brought by the Union Bank of Louisiana, to erase the subscriptions of the defendants, from the book of subscription of the bank. Damages were claimed of the defendants, for the injury sustained in consequence of the subscriptions. The charter of the bank provides, that citizens of this state, and owners of land in this state, are the only persons who can subscribe for its stock.
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Eastern Dis. APPEAL PROM THE COURT OP THE CITS’ AND PARISH OP NEW-ORLEANS. This action was brought by the Union Bank of Louisiana, to erase the subscriptions of the defendants, from the book of subscription of the bank. Damages were claimed of the defendants, for the injury sustained in consequence of the subscriptions. The charter of the bank provides, that citizens of this state, and owners of land in this state, are the only persons who can subscribe for its stock. In case the subscriptions exceed the capital fixed by law, the excess must be deducted from the stock, for which sufficient…
1Opinion of the CourtPorter, J.
By the charter of this bank, its capital is limited to a certain amount; and in case the sums subscribed, exceed the capital, the directors are required to deduct the amount of such excess, from — First, the stock of which sufficient security sba.11 not be offered, and — Second, from the largest subscriptions in such manner, that no subscription shall be reduced in amount, while any remains larger.
The right of a pound interrogatories to the de-fondant, depends on the capacity of maintain Ms suit*
petition states, that the subscriptions, for which good security have been offered, greatly exceed…
2Cited by2 opinions
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