President of the Portland Bank v. Apthorp
Massachusetts Supreme Judicial Court
This was an action of trespass, and was submitted to the decision of the Court upon certain facts agreed. The plaintiffs were incorporated by statute, 1799, c. 4, with the powers and privileges usually granted to banking corporations.
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This was an action of trespass, and was submitted to the decision of the Court upon certain facts agreed. The plaintiffs were incorporated by statute, 1799, c. 4, with the powers and privileges usually granted to banking corporations. By the statute of 1812, c. 32, it was enacted, that the corporation of every bank within the Commonwealth, which should be in operation on the first Monday of October, 1812, should, within ten days next after each and every semi-annual dividend which should be made by them respectively, after the said first Monday of October, pay to the treasurer of the…
1Opinion of the CourtParker, C. J.
This cause was argued altogether upon the question, whether the act of the legislature, passed June, 1812, exacting one per cent, per annum, upon the capital of all banks, which should be in operation after the first day of the then ensuing October, could legally and constitutionally be applied ,to those banks (of which the Portland bank is one) whose charters existed prior to the passing of that act.
Although the common presumption is, that acts, passed by the legislature, according to the forms prescribed in the Constitution, are founded in authority given by the people to that department;…
2Cases cited1 opinion
- Providence Bank v. BillingsSupreme Court of the United States · 1830
3Cited by72 opinions
- The West River Bridge Company v. DIXSupreme Court of the United States · 1848
- Planters' Bank v. SharpSupreme Court of the United States · 1848
- Minot v. WinthropMassachusetts Supreme Judicial Court · 1894
- Porter v. Rockford, Rock Island & St. Louis RailroadIllinois Supreme Court · 1875
- In Re the Executors & Legatees of & Under the Last Will & Testament of McPhersonNew York Court of Appeals · 1887
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