Jerome v. Cogswell
Supreme Court of the United States
ERROR TO The supreme court of errors of the state of CONNECTICUT. The Second National Bank of Norwich, Connecticut, was a banking association, organized and existing under the laws of the United States, with a capital stock of $300,000. As stated, in substance, by the Supreme Court of Errors of Connecticut, the directors haying voted to recommend a reduction of the capital stock from $300,000 to $200,000, were advised by the Comptroller of the Currency that it would be…
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ERROR TO The supreme court of errors of the state of CONNECTICUT. The Second National Bank of Norwich, Connecticut, was a banking association, organized and existing under the laws of the United States, with a capital stock of $300,000. As stated, in substance, by the Supreme Court of Errors of Connecticut, the directors haying voted to recommend a reduction of the capital stock from $300,000 to $200,000, were advised by the Comptroller of the Currency that it would be approved, “provided so much of the amount as is necessary is used to charge off bad, doubtful and unproductive assets, the…
1Opinion of the Court
Mr. Chief Justice ' Fuller,. after making the foregoing statement, delivered the opinion of the court..This is not-a case involving the rights of creditors or of minority stockholders as' such, but a case raising the bare question to whom assets remaining on a valid reduction of the Capital stock'of a national bank belong.
The National Banking Act (Title LXII, Rev.. Stat.) provides :.
“Sec; -5143. Any association.fprmed under, this title may, by the vote of shareholders owning two-thirds of its capital stock,; reduce its capital to any sum not below the amount required by this title to…
2Cases cited1 opinion
- Cogswell v. Second National BankSupreme Court of Connecticut · 1905
3Cited by17 opinions
- Ford v. SnookAppellate Division of the Supreme Court of the State of New York · 1923
- Richter & Co. v. LightSupreme Court of Connecticut · 1922
- In re the Estate of BoothNew York Surrogate's Court · 1931
- Smith v. TaeckerCalifornia Court of Appeal · 1933
- Irvine v. Old Kentucky DistilleryCourt of Appeals of Kentucky (pre-1976) · 1924
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