Howard v. Republic Bank & Trust Co.

' BAUGH, Justice.

This case arose as follows: The Texas Bank & Trust Company and the Republic Bank & Trust Company (hereafter designated as the Texas Bank and the Republic Bank, respectively) were, in June, 1932, duly incorporated state banks, each with a capital stock of $200,000, divided into shares of $100 each, doing business in the city of Austin. In the latter part of June, 1932, the Texas Bank was in a distressed financial condition, and, under the authority and approval of the boards of directors of the two banks and of the state banking commissioner, entered into the following…