Haberlach v. Tillamook County Bank

Prior to the amendment of section 3, article XI of the Oregon Constitution, which amendment went into effect on November 29, 1912, the Tillamook County Bank was organized and plaintiff subscribed for 37 shares of its capital stock and paid the par value thereof in cash. Under its articles of incorporation the bank had an authorized capital stock of $75,000, divided into 750 shares of the par value of $100. When the bank was organized and plaintiff became a stockholder thereof, section 3 of article XI of the state constitution provided that:

“The stockholders of all corporations and joint stock…