Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1843-01-28

Of legal coin was paid in, by making d,rcc-
tors Oi individuals who owned no stock III the
institution. and ivy refusing 10 pay specie 70,
It's noiea, the. charte. ct sai,l bank has been
already forfeited, because the act giving il
existence provides expressly against each
and nj! az these abuses. And YOUR commit
tee further believe that all the proceedings
of the bank in its corporate capacity, subsc-
auent to the forfeiture Of It's charter nv rea.
500 OF either OF the above abuses, have becn
fraudulent, aud that the directors are subject
~ prosecution accordingly. But be this pro.
vision right or wrong. your committee think
there can be no douh, rs to the tact ut enc
forftilnrc-Lf the charter, and more especi,i-
ly no Doubt as 10 the power n the Legislative
to annul and vacaie the same. And taking
into consideration tho mo,strous abuses
which have already been committed by this
corporate institution together w.,h tire injury
which i, may yet inh!c: if no, dspri"el OF
oil appearance Of corporate ytaiitr, your
committee would again recommend tn The
House the Immediate passage "i the bill re-
ierrcd to them which pro.,,des Tor the uncnu-
dltiunai repeal OF tho charter OF said bank
and for winding up the affairs Of the same
II has beef, suggested tina, on The di,.ulu-
ton Of corporations, its real estate rcver,s
10 the former owner who had conveyed il
10 the corporation, and decision OF the
COnrl III lIulHHl III tnc Case Ot the 't;tlc
Bank Va the State is referred to rs the
ground Of such an opiuion. Yonr com
mi,,.e upon examinations arc well satisfied
tha, such is not the doctrine Of he law
A corporation mny hold an estate in fec
simple, as an individual may. Il is :, per-
son civil il law, aud has the same c;,pncity
for lakins and holding real estate as a per-
son natural.
!, sns been we'll said ,ha, wise Judge
will no, be too fret in assigning ren.ons for
his opin rus: and the force OF the in, l.
very npparentin The n,nv, case. Tnnl w;l-
MOI ,ha SON; 10 be decided. nor was j. thr
spribc;pul rcason thai led s,e conrl 10 IL
scouc ,usion II ttifown in az Il nissc
Gilt. TIE question: ef,rc he COTS, va
rs To Me validity ct II certain jud smcil.
which directed ,hc proper. incl,lailg real
estate 10 he seized as fo.Clled by violation
Of its charter, aud the well decided
that irs'rcal e-in.e was not forfeited. ban
sonl, rs Franchise. The act naw before The
legislature dues not 'cn.cmpIa,e forfeiture
Of the real estate OF ,tc bank. nor direc, il
u be seized forfeited tar the pubic. II
directs a,l.i carries ln.o fl C; an u--i.nncn,
Of .!.e propert, Tor the bnrtt Of cr.,.itnTs.
in the ..,niier ;,ni i',s The purpose thar II
Bankrupt es,asc j. passed /, s..isnee.
In til cas-. quoted Tor the very singular
doctrine TIA. II corporation loses us real
estate by liz dis-"lu ion, III ~ seems to he Il
mi.apul !cn,inn Of IL Very plain, common
sense ..u1lrtne in relation 10 the tenure Gt
particular estates held by certain kfu9s Of
.corpo atoms Tor SPECIAL limited pstrp IN
Nhen .i.at doctrine WIS first t.tslilshet.
corporations we're altogether Or most, c'ee
mos, nary and n,ii.. c al, hat j, !nf char
table, religions i.n, h.r,isry purposes, Or Tor
1hc government vi towns and districts, and !
their estates came 70 then oy sift, Tor sonlc
specini purpo- 4 limited in ,hedey.sco deed, /
~ 70 construct certain ct.iec-, ur 10 .nnln- |
tain certain officers proper To the govern
menl o; the city, ar 10 tue Instruction or
support Of the beneiciarie. \ giant made
IN the same way 10 an Ma,rilsa! would /
stand o.. the same ground as IL srant 10 a
corporations. aud wien The estate was no
longer used for the intended purpose III
would revert 10 the yra;,or. There was
also an act passed in.she English parliament
III the reign Of Elizabeth restr c,ing cpipor- |
ulons ii. this particular which has had much
con,vuI over the decisions in thai connt-.,
bu, which WAS never adopted IN this.
:,nt the above doctrine has no application !
whatever 10 estates purchased IL fee u ttant
condition, which be rs we'll lnide ny
corporation, rs iiliiiv"Inat-. St.' Am G,!n
Law. Bu, ,ven il ii were Otherwise, and .;nc /
c,lule world, in all Case, r.y VI by the con-
mon iaw, s.ili ,his case docs not depend on
the CO u,mom Jaw, but on statnle. i5y the &C.
for incorporating The Bank sec. q. il is en- I
ac,ed .ha, the Bank shall be capablc OF
purchasing and holding any e..a.e. The
words arc very general and nrotd and must
be taken 70 include lee simple o. o,hsr
esla,c. as there is no limitation. Ansi while
the corpor..i"ni, yet in existence and he I
fore il is Dissolved, aud ct course before !
there can .,c an. forfeiture, in any view, \
.by reason vi its de .suiullni another s,atu.e
(.he bill lnow before ns) step. III and asslg"s
the property for the beneil OF creitsr, -
We have no doubt the legislature could do /
this, even on tie supposition tna. the
toc,rine Of revCrsion was correct 10 the luil /
extent.
Que or two instances Of The operation of
such n doctrine as tina. coutenled for may
be more satisfactory 10 some than the re;t-
soning of'your committee. The State Bank
OF IIiiuoi, has real estate exceeding in value
Loot, Coo dolIars-.;n nd the late Bank OF the
United States hal, II banking house ereclcd t
nj q cost OF Glt,NNU do.!ar., ali of which, il i
the doctrine ot fe,ers on be lrl-, would go I
back 10 those persons who sold the land 70
,hese banks, and received shsir pay there.
for.
rnr.ncnnnIlnm.n ne tho E,ynitn