Home Savings & Loan Co. v. Strain

It is disclosed by tbe record that tbe defendant is an incorporated building and loan association organized under the laws of this state. Its originally authorized capital stock was $500,000. Upon application from time to time, that amount has been increased until it reached $40,000,000, the same being divided into 400,000 shares of $100 each. For some time certificates were issued to subscribers of such stock, but since 1918, such stock has been issued only in the form known as running stock, evidenced by a pass book issued to the subscriber of such stock, showing deposits made in payment…