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eBook details

Title: Oulton v. Savings Institution
Author : United States Supreme Court
Release Date : January 01, 1872
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 64 KB

Description

Mr. G. H. Williams, Attorney-General, and Mr. C. H. Hill, Assistant Attorney-General, for the plaintiff in error: 1. As this bank had a capital stock of $100,000, it does not fall within the proviso of the act of July 13th, 1866, exempting certain savings banks from taxation. In that Bank for Savings v. The Collector4 (a case which, though on a former statute, covers the principle of the present one), this court held that, independently of some proviso exempting it, a savings bank, though without any capital and without shareholders or corporators, interested in it or entitled to participate in its profits, was liable to taxation as 'a bank.' A fortiori, a savings bank with a capital stock falls within the rule; and the proviso by expressly excluding from the operation of the body of the section, savings banks with no capital stock, shows that savings banks having a capital stock fall within it.

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