In the language of appellant's counsel, the bill was framed upon the theory of a breach by the defendants as directors 'of their common-law duties as trustees of a financial corporation, and of breaches of special restrictions and obligations of the national banking act.' And it is claimed that the defendants should have been held liable for the losses which occurred through loans of the bank's funds and moneys during their term of office as directors to Lee, his father, his wife, and certain designated persons, which were the principal losses, though there were others smaller in amount for which they were responsible. This liability is alleged to have been incurred by Lee for all loans from October 3, 1881, until April 14, 1882; by F. E. Coit for all losses through the mismanagement of the bank from October 3, 1881, until April 14, 1882, which could have been prevented by reasonable diligence and care on the part of the directors; by John H. Vought on the same basis and for the same time; by Charles T. Coit from October 3 to December 11, 1881; by Cushing from October 3, 1881, to January 10, 1882, unless his liability terminated with the transfer of his stock on the books of the bank; by Spaulding and Johnson from January 10 to April 14, 1882. It is contended as an independent proposition that each of the defendants should have been held liable for all loans made during the periods before mentioned when the loans exceeded 10 per cent. of the capital of the bank, inviolation of section 5200, REV. ST., AND ALSO for all loans made while the bank's reserve was below 15 per cent. of its deposits, in violation of section 5191, Rev. St., where such loans resulted in losses; and finally, that each of the defendants should have been held absolutely liable for all losses of the bank incurred by carrying on its business after its capital became impaired or exhausted, and the bank insolvent.