Philadelphia Investment Building & Loan Association's Petition

Opinion by

Stadtfeld, J.,

A petition was. filed by the Philadelphia Investment Building and Loan Association to reduce its liability to stockholders, in accordance with the Act of May 5, 1933, P. L. 457, Section 621, PS Title 15, Section 1074.

The petition alleged that most of the association’s assets were second mortgages, and that the Board of Directors ordered an appraisal, examination and audit of the assets and liabilities. The appraisals showed that the fair value of the assets was 50% less than the total amount due all shareholders, (including those who gave notice of withdrawal), which…