Day v. Palisade B. L. Assn.

The defendant's board of directors, on September 30th, 1937, adopted a plan of reorganization under the provisions of chapter 55 of the laws of 1937. The plan, pursuant to the direction of the statute, was submitted to the commissioner of banking and insurance of the State of New Jersey, who endorsed his approval thereon. Thereafter, on October 29th, 1937, the defendant's directors called a special meeting of the shareholders of the association to consider, and vote on, the plan of reorganization. A written notice of such meeting was mailed to the shareholders on October 16th, 1937. On…