Texas Plains Building & Loan Ass'n v. Colonial Corp.

Mr. Judge Hickman

delivered the opinion of the Commission of Appeals, Section A.

The defendant in error, Colonial Corporation, owns substantially all of the permanent stock of the planitiff in error, Texas Plains Building and Loan Association, of the par value of $66,000.00. In 1934 the Association itself unable to pay dividends or meet the withdrawal demands of its shareholders. Because of a nationwide depression, aggravated by a disastrous and long continued drought in the Panhandle of Texas, it had been forced to repossess and then owned much real estate. To meet that situation the…