Hise v. McColgan

I dissent. Reference to the plain language of the Bank and Corporation Franchise Tax Act of California (Stats. 1929, p. 19; Act 8488, 2 Deering’s Gen. Laws of California (1937), p. 3851) is sufficient to show that the operations of the State Building and Loan Commissioner in liquidating • a building and loan association are not within its purview. Thus, section 4 (1) of the Act imposes a tax upon “every financial corporation doing business within the . . . State . . . for the privilege of exercising its corporate franchises” therein; and section 5 of the Act defines “doing business” as…