Phelps v. Farmers & Mechanics Bank
Supreme Court of Connecticut
Petition for an injunction to restrain the respondents from paying a dividend declared by the directors. The 10th section of the respondents’ charter provides that, in addition to their fixed capital, the bank shall be open at all times for subscriptions from the funds of the state, the school fund, or the funds of any college, ecclesiastical society, school, or corporation for charitable purposes within the state, provided that the shares so subscribed shall not be…
Read the full summary
Petition for an injunction to restrain the respondents from paying a dividend declared by the directors. The 10th section of the respondents’ charter provides that, in addition to their fixed capital, the bank shall be open at all times for subscriptions from the funds of the state, the school fund, or the funds of any college, ecclesiastical society, school, or corporation for charitable purposes within the state, provided that the shares so subscribed shall not be transferable, but may at any time be withdrawn on twelve months notice to the directors, and shall not exceed twenty-five per…
1Opinion of the CourtEllsworth, J.
This petition is brought by an individual stockholder of the Farmers and Mechanics’ bank, to try the question whether the public and privileged stockholders in the bank, as the state, colleges, school societies, religious corporations and the like, stand on the same ground as to dividends, whenever made by the bank, as the other stockholders.
It appears from the record that this bank went into operation in 1833, and had at the time of the dividend of fifteen per cent., (May 11th, 1857,) an accumulated surplus of about $90,000, which surplus or a considerable part of it had been accumulating…
2Cases cited1 opinion
- United Society v. President of Eagle Bank of New-HavenSupreme Court of Connecticut · 1829
3Cited by13 opinions
- Spooner v. PhillipsSupreme Court of Connecticut · 1892
- Goetz's EstateSupreme Court of Pennsylvania · 1912
- Richter & Co. v. LightSupreme Court of Connecticut · 1922
- Griffith v. AdamsSupreme Court of Connecticut · 1927
- Vail v. VailSupreme Court of Connecticut · 1881
8 more not listed; retrieve them via the Exa API.