Dupee v. Swigert

Citations

• 127 Ill. 494
• 21 N.E. 622

Syllabus

<p>1. Banks and banking— State Banking law—vote of the people—constitutional requirement. The vote of the people contemplated by section 5, article 11, of the present constitution, which directs that no act of the General Assembly authorizing associations with banking powers shall go into effect “unless the same shall be submitted to a vote of the people at the general election next succeeding the passage of the same, and be approved by a majority of all the votes cast at such election for or against such law,” is the vote of the people of the whole State, and not of particular localities of the State.</p> <p>2. Same—limitation as to population—the statute construed. An application was made to the State Auditor for a permit to organize a bank in the city of Chicago, which has a population of more than ten thousand persons, under “An act concerning corporations with banking powers,” approved June 16/1887. One of the reasons assigned by the Auditor for refusing to grant the permit was, that the act in question does not apply to cities having a greater population than ten thousand. Upon mandamus to compel the Auditor to grant the permission sought, it was held, there is nothing in the Banking law of 1887 which forbids the organization of banks under its provisions in cities of over ten thousand population.</p> <p>3. The intention of the legislature in the passage of the Banking law of 1887, as appears from its various sections and provisions, was to make it general enough to apply to cities having a greater population than ten thousand, as well as to those having a less population.</p> <p>4. Same—stockholder’s liability—wider Banking law of 1887—consti-tutionality. A clause of section 6 of the Banking law of 1887, providing for individual liability of stockholders, is as follows: “The shareholders of each association formed under the provisions of this act shall be held individually responsible, equally and ratably, and not one for the other, for all contracts, debts a