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Bank Classed Irregular tional Took Over Union DECISION IS RESERVED Claims Directors Acted Without Shareholder Authority; Charges that the purchase of the Union National Bank by the lantic City National Bank was engineered without the authority stockholders. and that no cash to the former made yesterday before Federal Judge John Boyd Avis The charges made by William Clevenger, Atlantic City torney, said directors the closed Atlantic City National, headed by John Slape, President, engineered the deal. Clevenger opposing assessment stock in the Union National Bank by himself and his daughter, Mrs. Margaret Eldreth. He assessed each shares, and his daughlike amount three shares. Judge decision pending the filing continued restraining against closed bank, assesssettled. Slaughter, revealed filed in Federal Thomas attorney argued Atlantic National Bank paid Union agreed purchase the could not assess the stock. Clevenger's Petition Clevenger petition stated September 30, 1931 the Atlantic Union Bank City without the and acting and entirely for the Atlantic City Bank to the Union Bank. the expressthatt fixtures should the Atlantic City Nathat all notes, regardcollected Atlantic City Bank from the be losses. also that the lantic would Bank books the business on Sept. The petition goes state that the by Slape and follows the stockholders of Union Bank William Elsreth who voted shares noted the the and the ing the liquidaAtlantic National Bank liquidating the of the Bank John Tilton John Bank. City Bank entered into and Union but neglected. pay the the Union The petition that Slaughter entered possession remaining property failed balance On and according included the following: counted. demand 500; furniture other service charge and Clevenger called the court fact though the Union National Bank Great Bay Corporation