White v. Aaronson

McLaughlin (Charles B.), J.

One of the questions presented on the present application is whether individuals may escape the statutory liability of stockholders of a State bank by the device of having the stock held by a corporation the stock of which is *594owned by said individuals. The Federal courts have repeatedly held that stockholders of holding companies owning stock in National banks are liable to assessment on the theory that they are the actual and beneficial owners of the stock and may not use the corporate form to defeat the statutory intent to impose liability upon those who have…