Lapsley v. Merchants Bank
Missouri Court of Appeals
Appeal from Osage Circuit Court. — Hon. W. A. Davidson, Judge. (1) Defendant contends that a dividend of five per cent conld not have been paid ont of the net earnings of the previous year, after setting aside ten per cent thereof as required by law; that the directors did not pretend to set aside anything to the surplus fund before declaring the dividend, and that such dividend was declared contrary to the provisions of sec. 1293, R. S. 1899; and that the court by refusing…
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Appeal from Osage Circuit Court. — Hon. W. A. Davidson, Judge. (1) Defendant contends that a dividend of five per cent conld not have been paid ont of the net earnings of the previous year, after setting aside ten per cent thereof as required by law; that the directors did not pretend to set aside anything to the surplus fund before declaring the dividend, and that such dividend was declared contrary to the provisions of sec. 1293, R. S. 1899; and that the court by refusing declaration of law numbered 6, asked by defendant, ignored the fact that the directors had not complied with said…
1Opinion of the CourtEllison, J.
The plaintiff was president of the defendant bank and was likewise a stockholder and director. He charges in the first count of his petition that the bank owes him a dividend of five per cent on his stock; and in the second count, that it owes him for six months’ salary as president. On trial before the court judgment was rendered for plaintiff on each count.
It appears that the defendant bank was in such condition as to alarm the Secretary of State who has in charge, as a department of his office, the supervision of all banks with State charters. It had loaned to plaintiff and two others…
Also in this document: Concurrence.
2Cited by5 opinions
- Fidelity & Casualty Co. of New York v. BrightmanCourt of Appeals for the Eighth Circuit · 1931
- Koch v. ClyceMissouri Court of Appeals · 1938
- Walner v. WadeMissouri Court of Appeals · 1907
- People v. RaentschCalifornia Superior Court · 1926
- State v. KimmonsMissouri Court of Appeals · 1907