Searles v. Bar Harbor Banking & Trust Co.

A bill in equity brought, as the prayers set forth, to declare a by-law of the defendant company invalid and that the defendant be required to issue to the plaintiff stock free of any of the restrictions against free alienation imposed by the by-law.

The case is reported to this court on an agreed statement of facts.

The defendant is a Trust Company organized under a special charter granted by the legislature in 1887. On March 14, 1927, its capital stock was $100,000, its surplus $300,000 with undivided profits of $214,973.49. On the above date, the plaintiff was the owner of ten shares of the…