O'Brien v. Cummings

The Butchers and Drovers’ Bank was incorporated under the general corporation law, on May 14, 1867. Its articles of association, filed with the secretary of state, contained the following: —

“Article third. The capital stock of said association or savings bank shall be five hundred thousand dollars, divided into shares of one hundred dollars each, * * * but no person shall subscribe, own, or hold more than ten thousand dollars’ worth of said stock, estimating the same at the par value of each share. * * *

“ Article fourth. No assignment or transfer of any of the stock in said corporation shall…