Brand v. Falvey

WALKER, Chief Justice.

The Farmers & Merchants State Bank of Conroe, Tex., was organized in June, 1920, with a capital stock of $65,000. The. bank continued in operation until October 1'7, 1930, when it was closed by the banking commissioner and is now under his control. Dr. Thos. S. Falvey organized the bank, owned a majority of its stock, and was its president and one of its directors from the day it opened to the day it closed. On May 11, 1921, the board of directors fixed Dr. Falvey’s salary as president at $100 per month; this action was ratified by the stockholders on the 6th of January,…