Downes v. Southern Savings & Building Ass'n

Opinion op the Court by

Judge Perry

Affirming.

This action was brought by appellants in the chancery branch of the Jefferson circuit court, as a derivative action, against the present and some of the former directors of the appellee Southern Savings & Building Association, seeking, on behalf 'of themselves and ail other stock and certificate holders of the association, an accounting against the defendants for their ultra vires acts and a determination of the loss and damage suffered by plaintiffs and the association by reason thereof.

Plaintiff’s petition, filed on September 21, 1935, alleged…