Pacific Bank v. De Ro
Pacific Bank v. De Ro
Opinion of the Court
Three questions have been discussed in argument:
First—Does the plaintiff exist as a corporation under the name of “Pacific Bank?”
Second—Is the defendant in a position to question the corporate existence of the plaintiff?
Third—Do the Bevenue Laws of the United States require a waiver of “ presentation and demand, notice of non-payment and protest for value received,” written upon the back of a promissory note by an indorser, to be stamped ?
The first question involves the power of the Legislature to change the name of a corporation by special statute, it being claimed that the power is denied by the thirty-first section of the Fourth Article of the Constitution, which provides that “ corporations may be formed under general laws, but shall not be created by special Act, except for municipal purposes.” The mere changing of the name of a corporation is not, as it appears to us, the creation of a corporation in the sense of the Constitution. As suggested by counsel for the plaintiff*, it would seem that the changing of the name of a corporation is no more the creation of a corporation than the changing of the name of a natural person is the begetting of a natural person. The Act, in both cases, would seem to
The waiver of presentation, demand, notice of non-payment, and protest was not a contract within the meaning of the laws of the United States requiring a stamp. The statute requires a promissory note to be stamped, but so far as
Judgment affirmed,
Reference
- Full Case Name
- PACIFIC BANK v. CHARLES DE RO
- Cited By
- 3 cases
- Status
- Published
- Syllabus
- Power of the Legislature to Change the Name of a Corporation. — Tho power of the Legislature to change tho name of a corporation by special statute, in view of the constitutional provision that “corporations may be formed under general laws, but shall not be created by special Act, except for municipal purposes,” considered, but not decided. Corporate Franchises cannot be Questioned in a Private Action.—In an action upon a promissory note by a dc facto corporation against an indorser, the latter, in view of tho statute of 1862, (Stats. 1862, p. 110,) cannot put the due incorporation of tho plaintiff, or its right to exorcise corporate powers, in issue, if the plaintiff claims in good faith to be a corporation under the laws of this State, and to ho doing business as such. Scope of the Statute of 1862 Prohibiting an Inquiry into the Right of a dc facto Corporation to Exercise Corporate Powers.—Tho effect of the statute of 1862, providing that the due incorporation of a company claiming in good faith to be a corporation under the laws of this State, shall not be questioned in a private suit, is not limited to corporations existing at the time of its passage, but extends also to corporations since created. Stamps.—The waiver, by an indorser of a promissory note, of presentation, demand, notice of non-payment, and protest, written upon the back of the note, need not bo stamped in order to be valid. Explanations and Comments.—The ease of Karris v. McGregor, 29 Cal. 124, commented upon and explained.