State ex rel. Pitts v. Peter Cooper Building & Loan Ass'n
Missouri Court of Appeals
Appeal from the St. Louis City Circuit Court. — Hon. Seldon P. Spencer, Judge. The court took up appellant’s exceptions and appeal ; she offered the association’s books of accounts to show that the demands allowed lenders to the association after June 21, 1895 (when the law permitting it to borrow to a limited extent went into effect), to date of dissolution, were far in excess of that limitation, and also of the limitation prescribed by its own by-laws, and that therefore…
Read the full summary
Appeal from the St. Louis City Circuit Court. — Hon. Seldon P. Spencer, Judge. The court took up appellant’s exceptions and appeal ; she offered the association’s books of accounts to show that the demands allowed lenders to the association after June 21, 1895 (when the law permitting it to borrow to a limited extent went into effect), to date of dissolution, were far in excess of that limitation, and also of the limitation prescribed by its own by-laws, and that therefore the demands allowed were contracted in the face of the statutory and by-law prohibition. There was no objection to this…
1Opinion of the CourtBiggs, J.
— By an act of the legislature (Sess. Acts 1895, p. 28) a bureau for the supervision of building and loan associations was created. The state treasurer is made ex officio supervisor of the bureau. If a building and loan association violates its charter or conducts its business in an unsafe and unauthorized manner, or its assets become materially impaired, it is the duty of the supervisor to institute proceedings in the circuit court of the county in which such association has its principal office, “to enjoin or restrain such association from the further prosecution of its business, either…
2Cited by2 opinions
- Spotts v. SpottsSupreme Court of Missouri · 1932
- State ex rel. Pitts v. Peter Cooper Building & Loan Ass'nMissouri Court of Appeals · 1899