Aber v. Maxwell
Supreme Court of Arkansas
Appeal from Hempstead Circuit Court; O. R. Eaynie, Judge; 1. There was error in refusing to require the complaint to be made more specific. Acts 1913, p. 494. The • Bank Commissioner was trustee for the stockholders as well as the bank’s directors. The stockholders are entitled, as matter of law, to an accounting from the commissioner. Certainly where he makes an assessment of 100 per cent., they are entitled to know why he does so.
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Appeal from Hempstead Circuit Court; O. R. Eaynie, Judge; 1. There was error in refusing to require the complaint to be made more specific. Acts 1913, p. 494. The • Bank Commissioner was trustee for the stockholders as well as the bank’s directors. The stockholders are entitled, as matter of law, to an accounting from the commissioner. Certainly where he makes an assessment of 100 per cent., they are entitled to know why he does so. There is no presumption that the commissioner could do no wrong. If he makes improper allowances of claims or misuses the bank’s funds so as to sacrifice the…
1Opinion of the CourtMoCULLOCH, C. J.
The Hempstead County Bank, a domestic corporation doing business at Hope, Arkansas, became insolvent, and on December 17, 1917, the State Bank Commissioner, in the exercise of his authority conferred by statute (Acts 1913, page 462), took charge of the property and affairs of the bank and proceeded to administer the same, and on March 11,1918, the commissioner issued and published a call on the stockholders for the assessment of double liability imposed by that statute. Appellant was a stockholder, and failing to respond to the call by payment of his assessment, the Bank Commissioner…
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