National State Bank v. Victory B. . L. Assn.

Complainant is the holder of forty-five "prepaid" or "income" shares, of $200 each, in the defendant building and loan association. These shares have a provision for the payment of interest each year, — some of them at five per cent., and some at six per cent. The corporation also has outstanding a large number of the ordinary "installment" shares.

Prior to February 28th, 1934, the defendant association paid to complainant and the other holders of prepaid or income shares the full amount of five or six per cent. on such shares, and also credited dividends to the accounts of the holders of the…