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Early Michigan

Early Banks Of Michigan

In 1830 a question was presented in the courts of the State of New York as to the validity of the charter of this bank. The suit was brought by the bank against a former president of the institution, on a promissory note. It was contended by the defendant that under the limitation on the powers of the governor and judges above cited, they had no authority to create a corporation; that the act was in no sense adopted from the laws of any original state or states; that it named parties and places, and conceded powers which were neither named nor given in any statute of such states, and that the charter was therefore unauthorized and void. But both the court of errors and the supreme court of that state gave a more liberal construction to the grant of legislative authority contained in the ordinance, and held the act of incorporation valid: Bank of Michigan vs. Williams, 5 Wend., 478 ; and 7 Wend., 540.
A construction equally liberal as to the legislative power of the governor and judges has also been given by the supreme court of the United States (14 How., 68), and by the highest judicial tribunal of this State. (Walk. Ch. R. 85, and 2 Mich., 427.)

Michigan


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