Mississippi Building & Loan Ass'n v. McElveen

Citations

• 100 Miss. 16
• 56 So. 187

Syllabus

<p>1. Corporations. Charter. Building and loan associations. Repeal. Amendment. Constitution 1890, section 178.</p> <p>Even if the charter of a building and loan association conferred upon it by express terms the right to charge more than ten per cent per annum still the state, under Constitution 1890, section 178, has the power to alter, amend or repeal such charter.</p> <p>2. Same.</p> <p>The public interest is involved in every usury law, and whether or not it is for the public interest that a corporation’s charter should be amended under section 178 of the Constitution is a question of legislative discretion.</p> <p>3. Local Laws. Code 1906, section 8.</p> <p>The charter of a building and loan association is not a local or private law, but is obtained under the general law and is not within Code 1906, section 8, providing that private and local laws, not revised and brought forward into the Code, are not affected by its adoption; and so is not saved from the operation of section 2678, revising the usury laws and doing away with the exception thereto, whereby building and loan associations could receive more than ten per cent interest per annum.</p> <p>4. Repeal by Code. Rights, accrued or established. Code 1906, section 4-2678.</p> <p>■Where a loan is made by a building and loan association subsequent to the adoption of the Code of 1906, such loan is not saved from the operation of section 2678 of said Code, doing away with the exception in the usury laws in favor of building and loan associations, by section 4 of said Code, which provides that the repeal by such Code of any statute shall not affect any right already accrued or established.</p> <p>5. Building and Loan Associations. Usury. Received.</p> <p>Where in a settlement of a loan by a borrowing member with a building and loan association, usurious interest is charged, such interest is “received” within the Code 1906, section 2678, providing for recovery of interest paid, where usury is “received.”</p> <p>