American Law And Procedure volume 8

Cover American Law And Procedure volume 8
American Law And Procedure volume 8
Chauncey Mitchell Dew
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National taxation of state corporations. The national government has the same power to tax state cor- porations and their property, as it has individuals and their property. The Federal taxing power can be used for the purpose of regulation as well as raising rev- enue (24).
§ 170. Repeal and forfeiture. These have already been mentioned under dissolution. If there is no power re- served to the state legislature, it cannot repeal any cor- porate charter, although Parliament and possibly Con- gr
...ess may do so ; if the power to repeal is reserved with- out qualification, it may be exercised at any time, with or (21) Maine v. Grand Trunk Ry. Co. , 142 U. S. 217.
(22) Thrall v. Guiney, 141 Mich. 392.
(23) Tappan v. Merchant's Bank, 19 Wall. 490.
(24) Veazie Bank v. Fenno, 8 Wall. 533.
RELATIONS TO STATE 233 without giving any reason for so doing. Vested property rights are not destroyed however by such repeal (25) ; if the power to repeal is reserved upon the happening of some condition, some cases hold that there must be a judicial determination that the condition has happened, before the legislature can act; other cases hold that the matter is wholly within the power of the legislature to determine.


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