Attorney General ex rel. State Banking Commissioner v. Peoples Wayne County Bank

In February, 1933, the Peoples Wayne County Bank of Hamtramck was closed by proclamation of the governor. Shortly afterward, a conservator was appointed; and an assessment of 100 per cent, was ordered levied on the capital stock of the bank. All of the bank stock was owned by the* Detroit Bankers Company, a corporation, and its directors. While the stock was registered in the names of the directors, it appears that it was .indorsed in blank by such directors and transferred to the Detroit Bankers Company; and was in reality owned by the company.

After the assessment, a plan of reorganization…