Homestead Building & Loan Ass'n v. Youngblood

COMBS, Justice.

In 1930 the appellee A. Youngblood purchased 20 shares of advance payment cumulative stock in the appellant, Homestead Building & Loan Association, of the par value of $100 per share, paying therefor ' $50 per share in cash. The bylaws of this association provided that said stock should be credited semiannually on the books of ^the association with its full pro rata share of its stock in the net earnings of the company until such earnings added to the advance payment should equal $100 per share, at which'time the association would, redeem said stock at its face value. The…