Lumpkin v. Durham Building & Investment Co.

Tbe defendant is a corporation organized under tbe laws of this State, and prior to tbe commencement of this action, engaged in business as a building and loan association, O. S., 5169-5193. As authorized by its by-laws, which were duly adopted by its board of directors, tbe defendant issued three classes or kinds of stock: Serial stock; (2) prepaid stock; and (3) optional payment stock. Tbe defendant was authorized by statute to issue as many series, or classes and kinds of stock as were provided for in its charter or by-laws. C. S., 5177. No entrance or withdrawal fee was charged to…