Corporation Commission of North Carolina v. McLean

The individual liability of stockholders of a banking corporation organized under the laws of this State, by reason of' their ownership of shares of the capital stock of such corporation, is statutory. O..S., 219(a).

It is provided by the statute that such stockholders shall be individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of such corporation, to the extent of the par value of the shares of stock owned by them. This liability is imposed by law upon such stockholders for the protection and benefit of depositors and other…