Kruizenga v. Earl

The Home Savings Bank, of Kalamazoo, Michigan, was closed by proclamation of the governor on February 14, 1933. Under Act No. 32, § 4, Pub. Acts 1933, a conservator was appointed on March 24, 1933. An examination disclosed that the bank was insolvent, and on July 18, 1933, the conservator submitted a plan for reorganization of the bank,, which was approved by the governor and the State banking commissioner on July 25, 1933. On the same date,' the banking commissioner, with the approval of the governor, made a formal order for a 100 per cent, assessment against the stockholders. The above nine…