“ It would, besides, require us to say that a limitation resulting from unknown insolvency was made effective upon a stockholder in transferring his stock, when such restriction was not made operative on the bank and its officers when they entered into contracts. But this would cause the unknown insolvency to restrict the power of the person less likely to be aware of its existence, and to cause it not to be controlling where knowledge was most apt to obtain. Taking into view the whole act,-the provision conferring the power to transfer stock ”

“ To sustain this contention it is argued that, by operation of law, when the reserve of a national bank falls below the maximum provided in the statute, every transfer of stock made by a person having knowledge of the fact creates a legal presumption of bad faith, and, therefore, in the event of the future suspension of the bank, avoids the transaction. ”

“ The American doctrine is even more stringent. Mr. Thompson states it thus, and he is supported by the adjudicated cases: 'A transfer of shares in a failing corporation, made by the transferrer with the purpose of escaping his liability as a shareholder, to a person who, from any cause, is incapable of responding in respect to such liability, is void as to the creditors of the company and as to other shareholders, although, as between the transferrer and the transferee, it was out and out. ”

“ As a result of the failure of the bank, its doors were closed and suit was brought by the receiver to recover from the Germania the sum of its double liability on 103 shares of stock which had previously stood in the name of the Germania on the stock register of the Crescent bank. The stock in question had been acquired and registered in the name of the Germania on the 10th day of March, 1873, and the Germania had, on the same day, caused it to be transferred on the register from its own name to that of Waldo, one of its clerks. ”

“ In stating the case we have, therefore, called attention only to the facts and proceedings essential to an elucidation of the three questions now pressed, and hence, disregarding the grounds of error which are obsolete, we come to consider the real issues. ”

“ Stuart was an owner of shares in the Capital National Bank of Lincoln, Nebraska. He was a director of the bank and a member of its finance committee. On the 22d day of December, 1892, in consequence of contracts made by Stuart with Gruetter & Joers, Stuart delivered to them his certificates of stock, with the power to transfer, and a few days afterwards the stock was transferred. ”