Le Mars Building & Loan Ass'n v. Burgess

(dissenting).— In my judgment the decree of the trial court needs no other support than is found in section 5, art., 15, of the appellant’s by-laws, quoted in the, foregoing opinion by Sherwin, J. For clearness of statement I reproduce it here:

'Class D installment stock shall be payable 50 cents per share per month on the 1st day of each and every month, in advance, beginning with the date of the certificate, until such time as the total amounts of the installment paid and the earnings accredited to the shares of stock (less the sums 'credited to the expense account) amount to the par value…