American Surety Co. v. Philippine National Bank

Lehman, J. (dissenting).

The defendant was incorporated by special act of the Philippine Legislature. Its charter provides that it shall have power:

“ (a) to prescribe its by-laws.

“ (b) to adopt and use a seal.

“ (c) to make contracts.

“ (d) to sue and be sued.

“ (e) to exercise the powers granted in this Act and such incidental powers as may be necessary to carry out the business of banking, within the limitations prescribed by this Act, and

“ (f) to exercise further the general powers mentioned in the Corporation Law so far as they are not inconsistent with or incompatible with the provisions of…