Union Banking Co. v. Abercrombie

1. An assessment by corporate action against the stockholders of a bank, to make good an impairment of capital, under sections 1, 2, and 3 of article 6 of the banking act as amended (Ga. L. 1919, p. 152; Ga. L. 1925, p. 126), has for its purpose the enabling of the bank to continue business as a going concern, and to protect the public who may not be aware of such impairment. It is different from an assessment by the superintendent of banks under section 20, article 7 (Ga. L. 1919, p. 160), which is made as an incident of liquidation, and is intended to create a fund for the payment of…