MacBean

The plaintiff appeals from a judgment entered in favor of defendants upon the,sustaining of their demurrer to the second amended complaint.

The action was brought to enforce the liability of the defendants, under the laws of the Dominion of Canada, as stockholders of an insolvent bank which had been incorporated under the laws of said dominion. The complaint sets forth very fully the statutory provisions governing the incorporation of banks, the liability of stockholders, and the procedure in eases of insolvency or bankruptcy.

It appears that by the “Bank Act” of Canada, enacted in 1890, it is provided that “in the event of the property and assets of the bank being insufficient to pay its debts and liabilities, each shareholder of the bank shall be liable for the deficiency to an amount equal to the par value of the shares held by him, in addition to any amount not paid up on such shares.” In the event that no proceedings are taken under any act for winding up the bank, the directors, if suspension of payment continues for three months after the insolvency of the bank (as defined in the act), are required to make calls on the shareholders to the amount deemed by them necessary…