In re Continental Building & Loan Ass'n

The Continental Building & Roan Association was upon its own application adjudicated a bankrupt on *414 August 9, 1915. On August 30, 1915, the creditors appeared by proxy before the referee for the purpose of electing a trustee. The trustee selected at that time was not approved by the referee, and another election was held on September 15, 1915. At this election the Anglo-California Trust Company was chosen, but the selection was disapproved by the referee.

The order disapproving this selection has been brought here for review. There is also brought here for review the action of the referee in permitting the shareholders of the bankrupt to vote as creditors for the trustee, and the refusal of the referee to permit the Merchants’ National Bank, which has a claim against tíre bankrupt for money loaned to it, to select the trustee, as being the only creditor, within the meaning of the Bankrupt Act, that appeared and offered to vote at the meeting. The amount of the latter’s claim is $2,611.20, while the claims of the shareholders voting at this election aggregate $522,437.50. _ '

_ [ 1 ] The question as to whether the shareholders can be at the same time creditors is an…