Town of New Haven v. City Bank
Supreme Court of Connecticut
Amicable submission to the superior court, upon the following agreed statement of facts: The City Bank of New Haven was incorporated in the year 1831, the charter, which was a close one, containing the following provision:— “ The bank by its president, whenever and as soon as it. shall become organized under its charter, shall subscribe to the capital stock of the Hampshire and Hampden Canal Corporation the sum of one hundred thousand dollars, being one thousand shares, to…
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Amicable submission to the superior court, upon the following agreed statement of facts: The City Bank of New Haven was incorporated in the year 1831, the charter, which was a close one, containing the following provision:— “ The bank by its president, whenever and as soon as it. shall become organized under its charter, shall subscribe to the capital stock of the Hampshire and Hampden Canal Corporation the sum of one hundred thousand dollars, being one thousand shares, to become part and parcel of the stock of said canal corporation ; and in consideration of said subscription to said canal…
1Opinion of the CourtSanford, J.
The absolute inviolability of the contract between the sovereign power of the state and the City Bank, *109by which the former undertook that the a capital stock ” of the latter should be and forever remain free from taxation (until the happening of an event not yet arrived) is conceded. The only question between the parties is, what is “ the capital stock ” thus exempted.
The object for which a banking company is incorporated is well understood and needs no elucidation or remark. But in the solution of the question now submitted to us we may derive some assistance from the consideration that…
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