The age-herald., 1901-01-24
A STOCKHOLDER
 IS DISSATISFIED
Sues the BeSsemer Building and
 Loan Association
WANTS COURT TO RUN 1T
Says It is Running Down and Wants 1t Wound Up-The Plaintiff Owns Twenty Shares of stock-
 Hearing Set for 29th.

In the Chancery Court W. D. Houston, a stockholder. has filed a bill against the Bes- semer Building and Loan Association, T. J Cornwell. Lee Moody, James Trotter and the Bessemer Savings bank all of Bessem- CT, asking that receiver be apponted foI the Bessemer Building and Loan Associa- tion.
 The bill alleges that in\ March 1895 the complainant became the owner of twenty shares fstoek in said Building and Loan Association. That afterwards, on March 16 1895, he borrowed from said association or eleven of the shares the sum of $40, and also gave mortgage on lot 10 in block 14s on plat of the Bessemer Land and Improve ment company. That the whole of said twenty shares were transferred to said as- sociation, but that complainant is carrying nine shares fsaid stock as an investment and eleven shares as borrower. That T. J. Cornwell, Lee Moody and Jas Trotter are the present board of directors of said association, and the Bessemer Savings bank it's treasurer That said board of di- rectors for the past few years have been managing the property independently of the stockholders, and on January F, 1897, chang ed it's bylaws by means of proxies of o.n- CT stockholders.
 That T. J. Cornwell is the president and Lee Moody the secretary of said associa- tion, which orator ayers is not prosperous concern. That said Cornkell is also treasurer of said Loan association and president of the Bessemer Savings bank.
 That the object of said Loan association was to loan money from the monthly pay ments of it's members, but that for the last two or three years there have been no new members, the board of directors refusing lo sell any stock.
 That the Nan association has valuable real estate and about &, ,OOO on deposit with the Bessemer Savings bank.
 The complainant then ayers that no meet ings of the board of directors have been held for two years and that the business is not conducted as the bylaws require. That no money has been loaned or invested for over two years, and that the association has not complied with the laws of the state, and that it is defunct association.
 The complainant states that 1t is only within the last few days that he learned that said association was going down, to the injury of it's stockholders, but that de- fendants knew it and kept it secret from the stockholders; that defendants have ad- mitted that the affairs of the association will have to be wound up, but have failed to make any equitable arrangement for this purpose, but continue to extort and collect from the stockholders all dues fines, in- terest and premiums just as if said asso- ciation was doing business under its char ter.
 The complainant ayers, on information and belief, that the defendants intend to collect from him and other stockholders enough money to pay off the investment stockholders, and among them the stock belonging to themselves, which would in law be fraud and great injustice to the other stockholders.
 The bill prays for the appointment of a receiver to take charge of the business and property of the Bessemer Building and Loan Association and wind up its affairs under the order of the court.
 The hearing of the application for re- ceiver has been set for January %.