In re the Ohio Life Insurance & Trust Co.
In re the Ohio Life Insurance & Trust Co.
Opinion of the Court
By the Court,
The authority “ to buy and sell drafts and bills of exchange,” contained in the seventh item of section 2 of the act incorporating the Trust Company, confers no power to issue evidences of debt designed to be used as money. The power of the company to issue bills and notes, designed to be used in circulation as money, depends upon section 23 only, under which, in the opinion of the court, the issue of bills and notes designed for circulation as money, and payable otherwise than on demand, is unwarranted and inexpedient.
Reference
- Full Case Name
- In the Matter of the Ohio Life Insurance and Trust Company
- Status
- Published