Commissioners v. . Trust Co.
Supreme Court of North Carolina
ActioN by Board of Commissioners against Wachovia Loan and Trust Company, heard by Judge G. W. Ward at the September Term, 1905, of the Superior Court of Eob-syti-i.
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ActioN by Board of Commissioners against Wachovia Loan and Trust Company, heard by Judge G. W. Ward at the September Term, 1905, of the Superior Court of Eob-syti-i. The defendant entered into a contract with the town of Salem to purchase from the said town $100,000 par value of its bonds at the price of $101,750. The bonds were a part of a total issue of $125,000, issued pursuant to an election held on 26 June, 1906, under the provisions of the charter of the town of Salem, being chapter 40 of the Acts of 1891. On the tender of the bonds by plaintiffs, defendant refused to accept same on the…
1Opinion of the CourtBboww, J.
It is contended by the defendant that the bond issue is void for two reasons: First, because the charter of the town of Salem, authorizing the issue, was not passed by the General Assembly and the ayes and noes entered on its journals in accordance with Article II, section 11, .of the Constitution of this State. Second, because the ordinance directing the issue of the bonds and submitting the question to a vote of the people was not passed by a three-fourths majority of the entire Board of Commissioners of the town, as required by the charter.
In respect to the first objection made to the…
2Cases cited6 opinions
- Spangler v. JacobyIllinois Supreme Court · 1853
- State v. McBrideSupreme Court of Missouri · 1836
- Cleveland Cotton Mills v. Commissioners of Cleveland CountySupreme Court of North Carolina · 1891
- Warnock v. City of LafayetteSupreme Court of Louisiana · 1849
- Sanders v. . EllingtonSupreme Court of North Carolina · 1877
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3Cited by15 opinions
- City of Nevada v. SlemmonsSupreme Court of Iowa · 1953
- City of Alamo Heights v. GeretyCourt of Appeals of Texas · 1954
- Cox v. Commissioners of Pitt CountySupreme Court of North Carolina · 1908
- State Ex Rel. Peterson v. HoppeSupreme Court of Minnesota · 1935
- STATE Ex Rel ROBERTS v. GRUBEROregon Supreme Court · 1962
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