First Nat. Bank v. Multnomah State Bank

McOAMANT, J. —

In a closely reasoned petition for a rehearing counsel for defendant argues that the act of 1913 is applicable to Multnomah State Bank although this corporation was organized April 1, 1911. It is true, as contended, that there is a distinction be*38tween a statute imposing a new personal liability on a stockholder and one authorizing assessments on stock enforceable only by sale of the stock. The rule sustained by the weight of authority makes statutes of the latter type inapplicable' to corporations organized prior to their enactment.

In 1 Cook on Corporations (7 ed.), Section 242,…