Judges: BUFORD, C.J. —
Attorneys: Whitaker, Himes Whitaker, and Jackson, Dupree Cone, for Plaintiffs in Error;
Mabry, Reaves White, for Defendant in Error.
Filed: Oct. 02, 1931
Latest Update: Mar. 02, 2020
Summary: In this case the defendant in error sued the plaintiffs in error as owners and holders of the capital stock of The Franklin Bank on a stock assessment made *Page 1086 by the Comptroller in process of liquidation of the affairs of The Franklin Bank, which had become insolvent. The defense interposed was that the assessment could not be enforced against Citizens Bank Trust Company or the liquidator thereof, because the acquisition of the capital stock of The Franklin Bank by Citizens Bank Trust Co
Summary: In this case the defendant in error sued the plaintiffs in error as owners and holders of the capital stock of The Franklin Bank on a stock assessment made *Page 1086 by the Comptroller in process of liquidation of the affairs of The Franklin Bank, which had become insolvent. The defense interposed was that the assessment could not be enforced against Citizens Bank Trust Company or the liquidator thereof, because the acquisition of the capital stock of The Franklin Bank by Citizens Bank Trust Com..
More
I hardly think the Act of 1921, Chapter 8874, was entirely void and of no effect, by reason of being in conflict with Sec. 25 of Art. III of the Constitution, if indeed the opinion of the Chief Justice can be so construed. I concur in the holding, however, that the Act of 1921, being a Special Act, could not, under the constitutional provision referred to, confer any new charter powers upon the bank. And inasmuch as the original charter power to invest its funds in the stock of
other corporations had been repealed by the Act of 1917, that power could not be revested by the Special Act of 1921 without conflicting with said constitutional provision. In all other respects I concur fully in the opinion of the Chief Justice.
