First Nat. Bank of Claremore v. Bryan

Opinion by

RAY, O.

In August, 1922, the First National Bank of Claremore, plaintiff in error, plaintiff below, being unable to meet its obligations, closed its doors and a national bank examiner took charge of its assets. A reorganization was effected, and the bank opened for business December 16. 1922. In order to effect the reorganization without an assessment upon the' stockholders, the outstanding. certificates of capital stock were canceled and new stock issued to new subscribers upon payment of the par value and an additional 20 per cent, of the par v'alue to create a surplus.…