Shaw v. Strong

(after stating the case as above).

By force of section 16 of article 16 of the Constitution and article 535 of the Revised Civil Statutes of 1925, each stockholder in a banking corporation is liable for its debts “to an amount double the par value” of the shares he owns. By article 453 of said statutes the banking commissioner is authorized to collect debts due to an insolvent state bank in his hands for liquidation. By article 455 (as amended by Acts 40th Leg. [1927] c. 205, § 1, Vernon’s Ann. Civ. St. art. 455) said commissioner is authorized, if necessary to pay the debts of such a bank, to…