Southern Counties Thrift Co. v. Rairdon

MORTON, J. pro tem.

Plaintiff corporation was operat ing as an industrial loan company, having been organized under the statutes of 1917, p. 658, and amendments thereof [Deering’s Gen. Laws, 1937, Act 3603], Defendant C. W. Rairdon was a director of said corporation and a member of the finance committee composed of three directors having authority to pass upon loans. Contrary to the statute and the by-laws of the corporation a number of loans were made to individuals and also to defendant Rairdon, some of which proved to be uncollectable. Plaintiff’s amended complaint alleges, in six separate…