State Bank v. Boyle

Mr. Presiding Justice Wolfe

delivered the opinion of the court.

The State Bank of Paw Paw, Illinois, was organized as a banking institution in 1884. In 1931, A. C. McBride, John Harper, John C. Larson, ■ Eula Frantz, Frank Wheeler and A. D. Yenerich were the duly elected directors of said banking institution.' The bank in 1931 was in financial difficulties, and the. Auditor of Public Accounts notified the directors that $25,658.44 represented by various notes which were past due, should be removed from the notes receivable account, as being of doubtful value. Accordingly, a directors’ meeting…