States v. People's Trust Co.

On January 13, 1925, the defendant trust company, a banking corporation, was enjoined by the superior court from receiving or paying deposits, and on January 30, the bank commissioners, then three in number, took possession of the property and business of the corporation in accordance with the provisions of Laws 1915, c. 97, s. 1 (P. L., c. 268, s. 2).

The commissioners remained in control of the trust company’s affairs until the reorganization of the commission, July 1, 1925, when the duties of the three commissioners were assumed by a single commissioner. Laws 1925, c. 143; P. L., c. 259.…