Comet Building & Loan Assn's Petition

MacNeille, J.,

The Comet Building and Loan Association asked for a reduction of its liability to shareholders to 55 percent of the amount paid as dues prior to February 15,1935.

Exceptant, John H. Gardner, had 10 shares in the twenty-ninth series which matured January 15, 1932, having a value at that time of $2,000, which was not paid in cash at maturity, but the association issued to him certificate no. 5 in lieu of the full paid stock and has since paid on account thereof $100 on November 18, 1932, in June 1933, in August 1933, and in November 1933. The certificate issued declares the shares…