Harr, SEC. of Banking v. Mikalarias

Opinion by

Mr. Justice Stern,

By virtue of the authority given by the Act of June 15, 1923, P. L. 809, plaintiff, Secretary of Banking, took possession on July 1, 1930, of Title and Trust Company of Western Pennsylvania, Connellsville, Pennsylvania. The company was incorporated under the Act of April 29, 1874, P. L. 73. The par value of its capital stock was $100 per share, of which only $50 a share had been called and paid in. It appearing that the assets would be insufficient to pay in full the debts to depositors and other creditors, and that the entire amount remaining unpaid on the stock…