Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 23

Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 23

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1846 edition. Excerpt: ...and proved to the receivers. By the act of 1831, c. 519, entitled "an act to regulate Banks and Banking," 32, the legislature reserve to themselves, in cases therein named, after certain proceedings, the right to declare charters of Banks forfeit and void. The Frankfort Bank, incorporated after the enactment of this statute, was subject to its provisions, which were a part of its charter. It is not contended that the Bank had not exposed itself, so that its charter was properly revoked, or that all the necessary steps were not taken by the legislature agreeably to the general statute of 1831, previous to the repealing act; and in default of evidence to the contrary, it must be so presumed. Neither is it contended, that the Bank did not submit to the provisions of the repealing statute, acknowledged the authority of the receivers, and surrendered to them its books and its property. After this, the creditors of the Bank cannot object to the constitutionality of the Act, dissolving the corporation, when it was done for causes, which by the charter were sufficient for the purpose, and when the repeal was conclusive upon the Bank. Indeed, it is not seen how any objection can be made by those, -who had no other connexion therewith, than that of being its creditors. Whoever entered into contracts with it, exposed himself to losses which might arise from its dissolution, as he would with natural persons, by their death. No security was provided in the charter, or other statute, against such an exposure to injury. The Bank having ceased to exist, excepting so far that the receivers could prosecute any suit pending in its name; and could use the name of the Bank in any suit, which might be necessary to enable them to collect more

Product details

  • Paperback | 208 pages
  • 189 x 246 x 11mm | 381g
  • United States
  • English
  • black & white illustrations
  • 1236960815
  • 9781236960818