First National Bank of Centralia v. Marshall
Appellate Court of Illinois
Appeal from the Circuit Court of Marion County; the lion. Amos Watts, Judge, presiding. The First National Bank of Centraba was organized on the 23d day of March, 1865, with a capital stock of §80,000, divided into 800 shares of §100 each, in accordance with the National Bank Act. After its organization it did a regular hanking business until it went into voluntary liquidation about one month prior to the expiration of its charter.
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Appeal from the Circuit Court of Marion County; the lion. Amos Watts, Judge, presiding. The First National Bank of Centraba was organized on the 23d day of March, 1865, with a capital stock of §80,000, divided into 800 shares of §100 each, in accordance with the National Bank Act. After its organization it did a regular hanking business until it went into voluntary liquidation about one month prior to the expiration of its charter. The appel" lee was one of the original stockholders, and at the time the bank went into liquidation, he owned §20,500 of the hank stock. At a meeting of the…
1Opinion of the CourtPillsbury, J.
Section 5220 of the National Bank Act provides that “Any association may go into liquidation and be closed by the vote of its shareholders owning two-thirds of its stock.” The sections following provide in detail for winding up the affairs of the bank when such vote has been taken.
It is clear that the stockholders had the right to put the First National Bank into voluntary liquidation rather than to permit its charter to expire by limitation, as it would have done on March 25, 1885. The appellee, as one of the shareholders, voted all his stock in favor of that course.
When the bank ceased…
2Cases cited1 opinion
- Dougherty v. Van NostrandNew York Court of Chancery · 1839
3Cited by1 opinion
- Watkins v. National BankSupreme Court of Kansas · 1893