Planters Savings Bank Ex Rel. Bank of Gates v. Earley

The judgment in this action is affirmed on the authority of Trust Co. v. Roscower, 199 N. C., 653, 153 S. E., 560. In that case the sale and transfer by the insolvent bank of its assets of every kind, including the statutory liability of. its stockholders to its depositors and other creditors, to another bank, for purposes of liquidation, was approved not only by two-thirds of its directors and the Corporation Commission, but also by the holders of two-thirds of its capital stock. The approval of the sale and transfer of its assets by the stockholders of the selling bank was not required by…