Schwarz v. Orion B. L. Assn.

This suit concerns the disposition of surplus moneys remaining after the payment to shareholders of the Orion Building and Loan Association of 100 per cent. on the paid in value of their shares in the association.

The defendant, Orion Building and Loan Association, was organized in 1925. Its constitution provides for two classes of shares, namely, installment shares and paid up or income shares. Both classes of shareholders enjoy the same rights and privileges and occupy the same position as to debts and losses of the association. The only difference between the two classes of shareholders is…