Perry v. Bank of Commerce
Mississippi Supreme Court
Appeal from the chancery court of Grenada county. Hon. J. G. McGauen, Chancellor. Suit hy J. C. Perry against the Bank of Commerce. Prom a decree overruling a demurrer to complainants’ bill, defendant appeals. The facts are fully stated in the opinion of the court.
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Appeal from the chancery court of Grenada county. Hon. J. G. McGauen, Chancellor. Suit hy J. C. Perry against the Bank of Commerce. Prom a decree overruling a demurrer to complainants’ bill, defendant appeals. The facts are fully stated in the opinion of the court. There is no authority under the Constitution and laws of Mississippi to compel a shareholder to accept a reduction in capital stock and to have .his private property evidenced by shares, taken for the benefit of the corporation. The question involved in the case is one of the most important, and involves the fundamental right of…
1Opinion of the CourtHolden, J.
This is an appeal from a decree of the chancery court overruling the demurrer to the complainant’s bill, and presents for our consideration one proposition of law which is, to state it in the simplest language: Can an organized state bank with an authorized capital .stock of thirty-five thousand dollars reduce its capital stock by charter amendment to twenty-five thousand dollars, by a majority vote of the stockholders, it having-adopted a by-law.by the stockholders at the time its charter was accepted providing expressly that any and all amendments to the charter might be made whenever a…
2Cases cited5 opinions
- Scovill v. ThayerSupreme Court of the United States · 1882
- Wright v. Minnesota Mutual Life InsuranceSupreme Court of the United States · 1904
- Mower v. StaplesSupreme Court of Minnesota · 1884
- Commonwealth v. VandegriftSupreme Court of Pennsylvania · 1911
- Port Edwards, Centralia & Northern Railway Co. v. ArpinWisconsin Supreme Court · 1891
3Cited by1 opinion
- Perry v. Bank of CommerceMississippi Supreme Court · 1918