Lewis v. Mutual Holding Co.

*446OPINION

By KLINGER, PJ.

The record discloses that The Mutual Holding Company was incorporated on the 23rd of June, 1932, for the sole purpose of taking over certain assets of The City Trust & Savings Bank of the City of Youngstown, Ohio, for the purpose of liquidating the same, by reason of the fact that the Superintendent of Banks of the State of Ohio would not permit certain assets to be included among the assets of the reorganized bank under the contemplated re-opening plan.

It is obvious, as well as undisputed, from a consideration of the purpose clause in the articles of incorporation of…