Woodlawn Federal Savings & Loan Ass'n v. Williams

This litigation is in equity, and relates to the rights of the parties in respect to certain shares of stock in a building and loan association incorporated under the laws of Alabama, and later reincorporated or converted into a federal savings and loan association under Act of Congress and the statutes of Alabama. Act of July 8, 1935, page 222.

Under section 7109, Code, shares of stock were required to have a definite withdrawal value prescribed in the by-laws.

After its conversion, the charter provided for a repurchase at the instance of stockholders as follows: "Shareholders shall have the…