Smith v. Mobley

The superintendent of banks filed a petition in 1924 against the officers and directors of the Southern Bank & *196Trust Company, alleging that said company was a bank under the act creating the State department of banking (Ga. Laws 1919, p. 135); that said company owed debts aggregating some $85,000 besides interest, which it was unable to pay; that to this extent its capital stock was impaired, to remedy which there was no surplus or undivided profits; that petitioner had in writing notified said company to make good the impairment within sixty days, in accordance with said act (article 6,…