Reed v. People ex rel. Hunt

Citations

• 125 Ill. 592
• 1 L.R.A. 324

Syllabus

<p>1. Banks and banking—corporations with banking powers—what so regarded. Banks, in a commercial sense, are of three kinds, to-wit: First, of deposit; second, of discount; and third, of circulation. A. corporation authorized to receive deposits, discount notes and invest the proceeds in public securities, and declare credits or dividends, must be regarded as having banking powers, although it may not have stockholders.</p> <p>2. Same—act of 1887 relating to savings societies, etc.-—its constitutionality—as conferring banking powers. The act of 1887, entitled “An act to provide for the organization of savings societies or institutions for savings, for their supervision, and for the administration of their affairs,” confers banking powers, and not having been adopted by a vote of the people, is in conflict with section 5, article 11, of the constitution, and is therefore void.</p> <p>3. The fact that the act declares that no corporation organized under it shall be deemed a bank or company having or exercising banking powers, will not render it a valid law, for the reason that other sections, by plain and express words, do confer banking powers. In determining whether the act is obnoxious to the constitutional prohibition, the court will look to the powers in fact conferred by it, notwithstanding some part may declare that corporations thereunder shall not be deemed to be banks.</p> <p>4. Construing the constitution—rule of construction. In placing a construction on one section of the constitution, it is proper to refer to any other section of that instrument relating to the same subject, and consider them together, in order to arrive at the true intention of its framers.</p>