Maxler v. Freeport Bank

Opinion by

Mr. Justice Sadler,

The Freeport bank was incorporated under the Act of May 13, 1876, P. L. 161, with an original capital of $50,000, divided into shares having a par value of $100 each, and, by 1922, had accumulated a surplus of equal amount, with undivided profits of $20,000, or more. It determined to acquire the right's and privileges of a trust company, and, instead of taking advantage of the provisions of the Act of July 17, 1919, P. L. 1032, a new corporation was formed under the Act of 1874, amended by the Act of May 9, 1889, P. L. 159, with a capital of $125,000. The…