Court : US Supreme Court
Gibbes v. Zimmerman - 290 U.S. 326 (1933) U.S. Supreme Court Gibbes v. Zimmerman, 290 U.S. 326 (1933) Gibbes v. Zimmerman No. 117 Argued November 17, 1933 Decided December 4, 1933 290 U.S. 326 APPEAL FROM THE SUPREME COURT OF SOUTH CAROLINA Syllabus 1. The question whether a state law violates the contract clause of the Federal Constitution cannot be considered on appeal from a state court where the appellant did not rely upon or mention that clause in his pleadings, but invoked only provisions of the state constitution respecting contract obligations, and where the state court did not discuss or mention it in disposing of the case. P. 290 U. S. 328 . Page 290 U. S. 327 2. Under the laws of South Carolina prior to March 9, 1933, the remedy of depositors of an insolvent bank for the enforcement of the stockholders' statutory liability was through a receiver, whose duty it was to enforce this liability for the benefit of creditors and depositors. An Act of that date grante...
Tag this Judgment!Court : US Supreme Court
First National Bank of Cincinnati v. Flershem - 290 U.S. 504 (1934) U.S. Supreme Court First National Bank of Cincinnati v. Flershem, 290 U.S. 504 (1934) First National Bank of Cincinnati v. Flershem Nos. 62 and 63 Argued November 9, 10, 1933 * Decided January 8, 1934 290 U.S. 504 CERTIORARI TO THE CIRCUIT COURT OF APPEAL FOR THE THIRD CIRCUIT Syllabus A corporation, having suffered great losses but still highly solvent, determined to scale down its debenture indebtedness. By its directors, it defaulted on the debenture interest, though fully able to pay, and arranged the formation of a committee which solicited and secured the deposit of 95% of the debentures, to be exchanged, pursuant to a proposed Plan of Reorganization, for debentures greatly reduced in amount and security in a transferee corporation to be formed. Minority debenture holders having brought suit to collect their interest and threatened to levy on corporate assets, the Committee brought this creditors' bi...
Tag this Judgment!Court : US Supreme Court
Arrow-Hart & Hegeman Electric Co. v. FTC - 291 U.S. 587 (1934) U.S. Supreme Court Arrow-Hart & Hegeman Electric Co. v. FTC, 291 U.S. 587 (1934) Arrow-Hart & Hegeman Electric Co. v. Federal Trade Commission No. 363 Argued February 8, 1934 Decided March 12, 1934 291 U.S. 587 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus After commencement of a proceeding by the Federal Trade Commission to compel a holding company to divest itself of the voting stock of two competing operating companies, held by it in alleged violation of the Clayton Act, a reorganization was brought about through united participation of the owners of the holding company's shares and of the preferred stock of the operating companies, which the holding company never owned, whereby all the properties of the operating companies were acquired, through mergers, by a new corporation and the holding company was completely dissolved, pursuant to the state law. Page 291 U. S. 588 Held th...
Tag this Judgment!Court : Kolkata
Reported in : AIR1934Cal803,152Ind.Cas.601
Costello, J.1. This matter comes before us by way of a case stated under Section. 57 (1) Stamp Act (2 of 1899). It is concerned with the adjudication of stamp duty in respect of an indenture dated 5th March 1931 made between the Municipal Board of Lucknow on one side and the United Provinces Electric Supply Company Ltd. on the other. It appears that the Municipal Board of Lucknow was the owner of a certain piece of land which had been acquired by the Government of the United Provinces of Agra and Oudh for the Board under the provisions of the Land Acquisition Act (10 of 1870) and a notification of the Government of the United Provinces of Agra and Oudh No. 2790/11/ 644A/2 dated 17th November 1892. For the purposes of carrying out a scheme of reorganisation of its waterworks the Board had obtained a loan from the Government of the United Provinces of Agra and Oudh of the sum of rupees 18,50,000 under the provisions of the Local Authorities Loans Act (9 of 1914). This loan was repayable ...
Tag this Judgment!Court : US Supreme Court
Ex Parte Baldwin - 291 U.S. 610 (1934) U.S. Supreme Court Ex Parte Baldwin, 291 U.S. 610 (1934) Ex Parte Baldwin No.19, original Argued February 12, 1934 Decided March 19, 1934 291 U.S. 610 PETITION FOR WRIT OF MANDAMUS Syllabus 1. The writ of mandamus will not be issued by this Court at the instance of a trustee in bankruptcy to compel the District Court to accept jurisdiction on removal of a suit in a state court, brought against him as such trustee and affecting the title and possession of property of which he has taken possession as part of the bankrupt estate. There is an adequate remedy by application to the court of bankruptcy to enjoin the prosecution of the suit. P. 291 U. S. 614 . 2. All property in the possession of a bankrupt of which he claims the ownership passes, upon the filing of the petition in bankruptcy, into the custody of the court of bankruptcy. P. 291 U. S. 615 . 3. Where a court of competent jurisdiction has, through its officers, taken propert...
Tag this Judgment!Court : US Supreme Court
Gillis v. California - 293 U.S. 62 (1934) U.S. Supreme Court Gillis v. California, 293 U.S. 62 (1934) Gillis v. California No. 28 Argued October 8, 9, 1934 Decided November 5, 1934 293 U.S. 62 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE NINTH CIRCUIT Syllabus 1. Power in the District Courts to authorize their receivers in conservation proceedings to transact local business without compliance with local statutes obligatory on all others, may be withheld by Congress. P. 293 U. S. 65 . 2. Under 28 U.S.C. 124, Jud.Code, 65, a receiver for a corporation producing and distributing gasoline in California was under a duty to take out a license and give a bond with surety to secure payment of taxes, pursuant to state law, and could not be absolved by order of the federal court that appointed him. P. 293 U. S. 65 . 3. There is no merit in the suggestion that observance of the state law in this case would give an unlawful preference to the State over the United States i...
Tag this Judgment!Court : Allahabad
Reported in : AIR1935All310
Iqbal Ahmad, J.1. This is an application in revision against an order of the District Judge of Cawnpore rejecting an application filed by the applicant, the British India Corporation Ltd. Cawnpore, (hereinafter called the Company), praying that sanction be accorded to the proposed consolidation of the deferred and ordinary shares of the company and that 'the minute suggested be approved.' The application purported to be an application under Section 54(1), Companies Act, (Act 7 of 1913). The section runs as follows:(1) A company limited by shares may, by special resolution confirmed by an order of the Court, modify the conditions contained in its memorandum so as to reorganize its share capital, whether by the consolidation of shares of different classes or by the division of its shares into shares of different classes:Provided that no preference or special privilege attached to or belonged to any class of shares shall be interfered with except by resolution passed by a majority number ...
Tag this Judgment!Court : US Supreme Court
Gregory v. Helvering - 293 U.S. 465 (1935) U.S. Supreme Court Gregory v. Helvering, 293 U.S. 465 (1935) Gregory v. Helvering No. 127 Argued December 4, 5, 1934 Decided January 7, 1935 293 U.S. 465 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. A corporation wholly owned by a taxpayer transferred 1000 shares of stock in another corporation held by it among its assets to a new corporation, which thereupon issued all of its shares to the Page 293 U. S. 466 taxpayer. Within a few days, the new corporation was dissolved and was liquidated by the distribution of the 1000 shares to the taxpayer, who immediately sold them for her individual profit. No other business was transacted, or intended to be transacted, by the new corporation. The whole plan was designed to conform to 112 of the Revenue Act of 1928 as a "reorganization," but for the sole purpose of transferring the shares in question to the taxpayer, with a resulting tax liability less than...
Tag this Judgment!Court : US Supreme Court
Helvering v. Taylor - 293 U.S. 507 (1935) U.S. Supreme Court Helvering v. Taylor, 293 U.S. 507 (1935) Helvering v. Taylor No. 289 Argued December 7, 1934 Decided January 7, 1935 293 U.S. 507 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. In review by certiorari, the Court is not called upon to consider any question not raised by the petition for the writ. P. 293 U. S. 511 . 2. Where a taxpayer shows before the Board of Tax Appeals that a tax is arbitrarily assessed and excessive, his relief from payment of it is not conditional upon his showing also the correct amount of tax or that none was assessable. Section 274(e), Revenue Act of 1926, and 51(a) and 54(a), Revenue Act of 1928, considered. P. 293 U. S. 512 . 3. The evidence before the Board of Tax Appeals showed that a tax on income derived from sale of preferred stock which had been acquired at the same time as common stock of the same corporation Page 293 U. S. 508 was excessive,...
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Continental Illinois Nat. Bank v. Chicago, R.I. & P. Ry. Co. - 294 U.S. 648 (1935) U.S. Supreme Court Continental Illinois Nat. Bank v. Chicago, R.I. & P. Ry. Co., 294 U.S. 648 (1935) Continental Illinois National Bank v. Chicago, Rock Island & Pacific Ry. Co. Nos. 479 and 480 Argued February 12, 13, 1935 Decided April 1, 1935 * 294 U.S. 648 CERTIORARI TO THE COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. Section 77 of the Bankruptcy Act, added by Act of March 3, 1933, which provides a method whereby any railroad engaged in interstate commerce and which is insolvent, or "unable to pay its debts as they mature" may be reorganized through proceedings taken on its application in the bankruptcy court, during the pendency of which that court is given exclusive jurisdiction of such "debtor" and its property wherever located, is, in its general scope and aim, within the power of Congress "to establish uniform laws on the subject of bankruptcies." Constitution, Art. I, 8, ...
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