Harlan F. Stone

“ The Supreme Court of the state, construing the statute, has held that an assessment under the provisions of section 1 (formerly in section 2 of article 6 of the Georgia Banking Law, Ga. Laws 1919, p. 135) is a voluntary act on the part of the stockholders, who may, at their election, by action taken at the stockholders meeting, levy the assessment, or decline to levy it and permit the liquidation of the bank of the superintendent of banks, who may levy an assessment under another provision of the statute not now involved. ”

“ Petitioner points to no provision of the Georgia statutes or of the charter or by-laws of the bank dispensing with notice, nor to any decision of the Supreme Court holding that the statutory duty to 'call' a stockholders meeting can be performed without reasonable notice to stockholders of the time and place of meeting. Even when there is no provision, in statute or by-laws, for notice, it has been held that common-law principles require corporate meetings to be called by reasonable notice to stockholders. ”

“ Notice was in fact given in the present case, as appears by the agreed statement of facts, by mailing it fifteen days before the meeting, addressed to petitioner at his address last known to the bank. It does not appear whether he received the notice. ”