Attorney(s) appearing for the Case
DeWitt H. Smith, Marion, for appellants.
Fisher & Pickens, Cedar Rapids, for defendant-appellee.
Supreme Court of Iowa.
GARFIELD, Chief Justice.
This is a controversy over the right to own 30 shares of stock in the First National Bank of Marion, Iowa, issued to defendant Stowell in the summer of 1958 as part of a stock dividend, following a transfer of $150,000 from the bank's surplus of $450,000 to its capital of $50,000. After the transfer, the surplus was $300,000 and the capital $200,000. Three shares of new stock or multiple thereof were issued to each holder of one share of old...
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