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PEOPLES SAVINGS BANK v. STODDARD

Docket Nos. 37, 38, Calendar Nos. 47,277, 48,190.

359 Mich. 297 (1960)

102 N.W.2d 777

PEOPLES SAVINGS BANK v. STODDARD. ATTORNEY GENERAL v. MICHIGAN NATIONAL BANK.

Supreme Court of Michigan.

Rehearing denied June 7, 1960.

Attorney(s) appearing for the Case

Covington, Davidson & Osborn, for plaintiff Peoples Savings Bank.

Paul L. Adams, Attorney General, Samuel J. Torina, Solicitor General, and Maurice M. Moule, Assistant Attorney General, for intervenor and for plaintiff in quo warranto.

Butzel, Eaman, Long, Gust & Kennedy and Walsh, O'Sullivan, Stommel & Sharp (Frank D. Eaman, Thomas G. Long, Rockwell T. Gust, Victor W. Klein, Kenneth J. Stommel and Harold A. Ruemenapp, of counsel), for defendants Stoddard, Michigan National Bank, Michigan National Bank Employees' Profit Sharing Trust, and its officers and trustees.

Peter E. Bradt, for defendant Zick.

EDWARDS, J.

We deal here with a story of high finance and less lofty subterfuge. By this latter means the defendant Michigan National Bank sought to accomplish indirectly that which State and Federal law prohibited it to do directly. It secured the purchase of 2/3 of the capital stock of the Peoples Savings Bank of Port Huron for the purpose of having that stock voted for dissolution. The net effect of the plan, if carried to completion, would be to leave Michigan...

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