Cornwall v. Ganser
Missouri Court of Appeals
Appeal from the St. Louis City Circuit Court. — Hon. Horatio D. Wood, Judge. Section 59 of the by-laws of the defendant association, whose purpose is to secure equality among borrowing shareholders in respect of the premium paid by them, is invalid: It is in conflict with the provisions of section 2817 of the statute.. Th© ’association had no right nor power to adopt a by-law inconsistent with this statute.
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Appeal from the St. Louis City Circuit Court. — Hon. Horatio D. Wood, Judge. Section 59 of the by-laws of the defendant association, whose purpose is to secure equality among borrowing shareholders in respect of the premium paid by them, is invalid: It is in conflict with the provisions of section 2817 of the statute.. Th© ’association had no right nor power to adopt a by-law inconsistent with this statute. The by-law is also obnoxious to section 2812, Revised Statutes 1889. On the question of the legality of the by-law No. 59, I desire to say that it is not necessary that its adoption be…
1Opinion of the CourtBland, P. J.
— The respondent association on February 3, 1890, offered ¡a loan of $8,000 to the highest bidder. Frank J. Hunleth bid a premium of ten per cent or $800’ for the loan, and it was awarded to him. He held forty shares of the par value of $200 per share of the certificates of stock (seine's “A”) in the association. As evidence of the loan and its terms he executed a bond to the association for $8,800, *681agreeing to pay monthly as interest on the $8,000, $48, and to pay monthly $8 on the premium, and $40 per month as monthly dues on his stock certificates, and to continue these payments until the…
2Cases cited2 opinions
- State ex rel. Hospes v. BranchSupreme Court of Missouri · 1899
- Reynolds v. KroffSupreme Court of Missouri · 1898
3Cited by2 opinions
- Young v. GausMissouri Court of Appeals · 1908
- Exchange Real Estate & Building Co. v. Schuchmann Realty Co.Missouri Court of Appeals · 1903