Griffith v. Daylight Saving B. & L. Ass'n

Oliver, P. J.,

This is a bill in equity, filed by a stockholder of a building and loan association which is in course of voluntary liquidation, to compel the association to offer to convey its real estate to its stockholders in exchange for their shares of its unencumbered stock. The association appears to be solvent but it holds a substantial quantity of real estate which is burdensome to carry and cannot be sold except at a sacrifice. The answer admits the allegations of the bill. The Department of Banking objects to the granting of the relief prayed for by plaintiff.

Discussion

Defendant…