William R. Day,
Apsey v. Kimball — Opinion of the Court
“ But those are not cases where shareholders have done all that the law required in order to end their relation to the bank and to get their names off the books.Where the shareholder has performed every duty which the law imposes upon him in order to secure a transfer of the stock, the fact that it is not transferred on the register of the bank does not continue his liability as such shareholder. ”
William R. Day,
Apsey v. Kimball — Opinion of the Court
“ As we view it, when the shareholders made their election to retire at the end of the first twenty-year period of corporate organization, and took the steps required in § 5, by giving notice and appointing an appraiser to obtain a valuation of and payment for their shares of stock, they thereby ceased to be shareholders beyond the original twenty-year term of the life of the corporation, and they could neither share its profits, nor be compelled to bear its burdens. ”
William R. Day,
Apsey v. Kimball — Opinion of the Court
“ Section 5 provides for the manner of manifesting such determination to terminate their relations with the corporation at the expiration of its original life. True, other things were to be done to ascertain the amounts to be paid the retiring shareholders; that they were not done in these cases is no fault of the retiring shareholders. We cannot agree with the contention of the plaintiff in error, that they ceased to be shareholders only when the appraisal had been made, and the certificate of shares surrendered. ”
