Jackson v. Ariton Banking Co.

In 1916 the Ariton Banking Company and the People’s Bank of Ariton were incorporated banking concerns doing business in the town of Ariton. Each of them was capitalized at $25,000, their capital stock consisting ,of 250 shares of the par value of $100 each. The Ariton Banking Company stock had been paid for in full; of- the People’s Bank stock 40 per centum remained unpaid. In October of the year mentioned these two banks were consolidated, or, to use the language of the bill, the People’s Bank was merged into -the Ariton Banking Company. For the' purpose of the consolidation or merger the…