Manderson v. Commercial Bank
Supreme Court of Pennsylvania
This was a motion for a special injunction against the Commercial Bank of Pennsylvania, and William Wainwright,, James Dundas, S. Morris Wain, and others, directors of said bank, to restrain them from discounting or purchasing promissory notes except at regular meetings of the board of directors; and also from discounting or purchasing said notes at any time for any greater rate of discount than one-half of one per cent, for thirty days.
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This was a motion for a special injunction against the Commercial Bank of Pennsylvania, and William Wainwright,, James Dundas, S. Morris Wain, and others, directors of said bank, to restrain them from discounting or purchasing promissory notes except at regular meetings of the board of directors; and also from discounting or purchasing said notes at any time for any greater rate of discount than one-half of one per cent, for thirty days. The motion was heard on bill and affidavits filed. The bill charged that the complainant was a stockholder of the bank, that the bank was a body corporate,…
1Opinion of the Court
The opinion of the court was delivered by
Lewis, C. J.
This is an application for a special injunction to restrain the officers of the Commercial Bank of Pennsylvania from discounting promissory notes, excepting at a regular meeting of the board of directors, and from discounting the same at a greater *381rate of discount than the one-half of one per cent, for thirty days. If the affidavits of R. H. Beatty and Charles S. Wayne (recently clerks in the institution) are 'credited, the president and cashier have been in the habit of discounting notes after the adjournment of the board of directors, at…
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