Court Opinion

ID: 9834580
Source: CourtListenerOpinion
Date Created: 2023-09-02 01:00:42.889861+00
Date Added: 2024-06-11T12:08:23.273008
License: Public Domain

On Petition FOR ReheaRing:
In a petition to rehear, plaintiff advances the idea that this court, in construing Code, 31-4-18, did not give proper weight to the following qualifying provision of the section: “Nothing contained in this section shall affect the rights, privileges, objects or purposes delegated to other corporations by the general corporation law or other laws of this state.”
The Constitution, Article XI, Section 6, drew a line between a bank and every other corporation, including industrial loan companies, by imposing double stock liability, only, upon the stockholders of “any bank hereafter authorized by the laws of this State, whether of issue, deposit or discount.” That line could not be crossed by industrial loan companies even under favorable legislative enactment. We are advised of no general corporation law attempting such favor; and assuredly Code, 31-7-6, from which industrial loan companies derive their specific right to transact business, does not purport to rate them as banks.