Palmer v. Mutual Construction Co.
Supreme Judicial Court of Maine
On report. This is a petition in equity, brought under the provisions of Secs. 120 and 122 of Chap. 52 of the R. S., in the name of the Bank Commissioner, against the Mutual Construction Company, a corporation organized in New Hampshire, and Emile J. Pelletier, its genteral agent in this State, for the purpose of enjoining the defendants from carrying on business in this State similar to that carried on by loan and building associations in this State, without complying with…
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On report. This is a petition in equity, brought under the provisions of Secs. 120 and 122 of Chap. 52 of the R. S., in the name of the Bank Commissioner, against the Mutual Construction Company, a corporation organized in New Hampshire, and Emile J. Pelletier, its genteral agent in this State, for the purpose of enjoining the defendants from carrying on business in this State similar to that carried on by loan and building associations in this State, without complying with Sec. 120 of Chap. 52 of the R. S., by being incorporated under the laws of this State for that purpose. The cause was…
1Opinion of the CourtCornish, C. J.
Sec. 120 of Chap. 52 of the R. S., provides as follows: “Except as hereinafter provided, no person, association or corporation shall carry on the business of accumulating and loaning or investing the savings of its members or of other persons in the *190manner of loan and building associations or carry on any business similar thereto within this State, unless incorporated under the laws thereof for such, purpose.” Section 122 grants a remedy by injunction in case of violation of the statutory inhibition. The original act concerned itself with “the business of accumulating the savings of its…
2Cases cited3 opinions
- Pfeister v. Wheeling Building Ass'nWest Virginia Supreme Court · 1882
- State ex rel. Taggart v. Standard Real Estate Loan Co.Supreme Court of Kansas · 1909
- State ex rel. Standard Home Co. v. State Corp. CommissionNew Mexico Supreme Court · 1913