Bosang v. Iron Belt Building & Loan Ass'n

Citations

• 96 Va. 119
• 30 S.E. 440
• 1898 Va. LEXIS 68

Syllabus

<p>1. Enabling Acts&emdash;How far Valid&emdash;Usurious Contracts Declared Valid.&emdash; Statutes which validate contracts, otherwise invalid, are sustained where they go no further than to bind a party by a contract which he has attempted to enter into, but which was invalid by reason of some personal inability on his part to make it, or through neglect of some legal formality, or in consequence of some ingredient in the contract forbidden by law. The Legislature may declare valid contracts which were usurious at the time they were entered into.</p> <p>2. Constitutional Law&emdash;Act Broader than Title&emdash; What Latitude Allowed,. An act, the title of which is “An act to provide a new charter for the Iron Belt Building and Loan Association,” is not unconstitutional on the ground that its title embraced more than one object, or that the title was broader than the act, in so far as it validates contracts previously made by such association which were usurious when made. The provision is germane to the title, and in furtherance of the object expressed in the title. This is all that is required. The Constitution is to be liberally construed, so as to uphold the law, if practicable.</p> <p>3. Corporations&emdash;New Charter Extending Powers and Privileges&emdash;Assent of Stockholders.&emdash;A limited power to borrow money conferred on a building association by a new charter, when no such power was expressly granted by its original charter, is not such a radical departure from the original design and business of the association as would necessitate the assent of each member of the association in order that he may be bound by it.</p>