Shaw v. Lone Star Building & Loan Ass'n

Mr. Judge CRITZ

delivered the opinion of the Commission of Appeals, Section A.

The Lone Star Building & Loan Association was incorporated under the pertinent provisions of Title 24, R. C. S., 1925, with a capital stock of $5,000,000 divided into shares of the par value of $50 each. At the time the Association was chartered there existed no statute regulating the amount of membership fees to be charged by a building and loan association.

After its incorporation this Association adopted a by-law providing for a membership fee of $2.50 per share. On February 12, 1929, the Association entered into a…