Banking Commission v. Prudential Investment Co.

The following opinion was filed November 9, 1938:

Fairchild, J.

If the effect of the resolution adopted by the stockholders and directors as set out in the statement of facts was to levy a voluntary assessment under sec. 220.07, Stats. 1931, the money paid by the stockholders thereunder became part of the capital of the bank as ruled by the circuit court, and this is true regardless of any understanding which the stockholders may have had at the time that they paid the assessment. In re Plain State Bank (1935), 217 Wis. 257, 258 N. W. 783; In re Security Savings Bank (1935), 217 Wis. 507, 259…