William Engelhardt, Respondent v. the Fifth Ward Permanent Dime Saving and Loan Association, Appellant

Summary

The Court of Appeals held that the clause in the association's articles requiring "necessary funds" to be collected before refunding dues is a condition precedent that bars a withdrawing member from recovering his dues until such funds exist, and that a later by‑law ordering payment of withdrawals by application date is a reasonable regulation binding on all members, even those who joined before its adoption.