Sullivan v. Spaniol

The American Building Loan and Investment Society-was incorporated November 22, 1888, under the provisions, of an act of the General Assembly, entitled “ An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such associations,” in force July 1, 1879, better known as the homestead loan association law. The capital stock was $50,000,. 000, and the principal office at Chicago. The appellee, Henry Spaniol, purchased twelve shares, at the par value of $100 each, of the stock of the society, for which a certificate thereof. was…