Knight v. Old Nat. Bank
U.S. Circuit Court for the District of Rhode Island
[Amasa] Mantón became the proprietor and holder of eighty shares of the capital stock of the Old National Bank [of Providence] In the place of eighty shares of stock previously held by him in the state bank of that name, and continued to be such proprietor and holder from the organization of the bank as an association for banking, under the acts of congress, until he transferred the same to the plaintiffs [Benjamin B. Knight and Albert S. Gallup] as his assignees.
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[Amasa] Mantón became the proprietor and holder of eighty shares of the capital stock of the Old National Bank [of Providence] In the place of eighty shares of stock previously held by him in the state bank of that name, and continued to be such proprietor and holder from the organization of the bank as an association for banking, under the acts of congress, until he transferred the same to the plaintiffs [Benjamin B. Knight and Albert S. Gallup] as his assignees. Such transfer was made on the 18th of February, 1867, by deed in trust for the benefit of creditors, and on the same day the…
1Opinion of the Court
CLIFFORD, Circuit Justice.
Persons uniting under this act to carry on the business of banking, are required to enter into articles of association [specifying the object of the association], 2 and it is expressly enacted that the articles may contain any other provisions, not inconsistent with the act, which the association may see fit to adopt- for the regulation of its business and the conduct of its affairs; and it requires no argument to show that the provision contained in the articles of association, if valid, did authorize the directors, if they saw fit, to prohibit by by-laws the…
2Cases cited11 opinions
- New York & New Haven Railroad v. SchuylerNew York Court of Appeals · 1865
- St. Louis Perpetual Insurance v. GoodfellowSupreme Court of Missouri · 1845
- Leggett v. . the Bank of Sing SingNew York Court of Appeals · 1862
- Vansands v. Middlesex County BankSupreme Court of Connecticut · 1857
- Stebbins v. Phenix Fire InsuranceNew York Court of Chancery · 1831
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3Cited by2 opinions
- Case v. BankSupreme Court of the United States · 1880
- Bath Savings Institution v. Sagadahoc National BankSupreme Judicial Court of Maine · 1897