State ex rel. Fulton v. Cole

The principal question at issue is whether or not the superintendent of banks can maintain such an action against stockholders unless and until he has made a formal record in his department of his determination that, in order to pay the debts and liabilities of such bank, it is necessary to enforce the individual liability of the stockholders. 1

It is conceded that in the instant case the superintendent of banks made no formal record of his determination of the necessity of enforcing the individual liability of said stockholders.

Counsel for Cole contend that there must be a formal record of…