Co-operative Savings & Loan Ass'n v. Fawick

Citations

• 11 S.D. 589
• 79 N.W. 847
• 1899 S.D. LEXIS 52

Syllabus

<p>Laws 1885, Chap. 34, relating to building and loan associations, provided (Section 4) that loans should be made in open meeting to the highest bidder. By an amendatory act (Laws 1889, Chap, 40, § 4) such associations were given the right by by-law to fix a per cent, premium, at less than which they should not be obliged to accept loans. Laws 1893, Chapt. 40, relating to the same subject-matter, provided in Section 6 for the making- of loans in substantially the same language as Section 4 of the act of 1885, and Section 37 provided that “all acts or parts of acts in conflict with this act are hereby repealed.” Held, that such act did not repeal Section 4 of the act of 1889, authorizing the fixing of a minimum premium, which is not inconsistent with its,provisions.</p> <p>Haney, J., dissenting.</p>